Most Popular
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‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
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S. Korea's gender pay gap worst in OECD
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Yoon to resume diplomatic activity via 3-way summit with Japan, China
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[Herald Interview] Korean adoptees embark on journeys to find roots
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South Korea unveils W26tr support program for chip industry
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S. Korea to hold rotating presidency of UN Security Council next month
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SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe
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Embryo activist: Baby's lawsuit takes on S. Korea climate inaction
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Student nabbed for biking naked 'due to stress'
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BOK holds rate at 3.5%, ups growth outlook
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Lotte founder's third wife indicted over tax evasion charges
The third wife of the embattled Lotte Group's founder has been indicted on charges of tax evasion without being questioned as she failed to comply to prosecutors' summons, authorities said Tuesday.The Seoul Central District Prosecutors' Office looking into alleged corporate crimes of the country's fifth-largest conglomerate said Seo Mi-kyung, 57, is suspected of evading some hundreds of billions of won in gift taxes.The common-law wife of group founder Shin Kyuk-ho became the second member of th
IndustrySept. 27, 2016
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Samsung Electronics' earnings expected to rebound in Q4
The global recall of the Galaxy Note 7 smartphones may cut Samsung Electronics' projected third-quarter operating profit by over 5 percent, but the global giant's earnings are expected to rebound in the fourth quarter, industry analysts said on Tuesday.A survey by financial information provider FnGuide showed that Samsung is expected to post an operating profit of 7.67 trillion won ($6.89 billion) for the third-quarter of this year, a fall of 5.3 percent from a pre-recall forecast. Before Samsun
TechnologySept. 27, 2016
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Refiners may report stronger-than-expected Q3 earnings on improving margins
South Korean refiners may report stronger-than-expected earnings for the third quarter as their refining margins are forecast to have rebounded sharply in August, industry sources said Tuesday.The benchmark Singapore complex gross refining margin hovered above $7 per barrel this month, sharply up from $3.9 in August, according to the sources. Singapore is the regional trading hub of the benchmark Dubai crude.The margin is the difference between the total value of petroleum products from oil refi
IndustrySept. 27, 2016
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Capital firms' net jumps 25% on lower costs
Seventy three credit-specialized finance firms in South Korea, excluding credit card companies, saw their net profits jump more than 25 percent on-year in the first half of this year thanks to less loan loss costs and lower interest rates, official data showed Tuesday.Their aggregate net profits amounted to 959.7 billion won ($866 million) during the six months, up 25.8 percent from a year earlier, according to the Financial Supervisory Service.It's mainly attributable to a reduction in delinque
Sept. 27, 2016
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Koreans with insomnia on the rise: data
The number of South Koreans with sleeping disorders has been increasing over the past few years, data showed Tuesday, urging the government to come up with campaigns on the proper use of related treatment drugs.According to the data compiled by Rep. In Jae-keun of the main opposition Minjoo Party of Korea, the number of South Koreans diagnosed with insomnia came to 456,000 in 2015, up 40 percent from 325,000 tallied in 2011.The amount of related medical expenses also reached 50.2 billion won ($4
TechnologySept. 27, 2016
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Samsung launches startup incubation program in Israel
Samsung Electronics Co., South Korean tech behemoth, said Monday that it has launched a startups-incubating program in Israel as part of its efforts to help promising startups expand their presence.The Samsung NEXT Tel Aviv will serve as a center for startups there. A startup may be funded up to US$1 million by Samsung, and the South Korean tech firm will cooperate with venture firms with cutting-edge technologies through a stake purchase and mergers and acquisitions.Samsung Electronics has inve
IndustrySept. 26, 2016
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[Graphic News] Koreans own W34 million on average in net financial assets: report
Korea’s net per capita financial assets stood at 33.88 million won ($30,750) in 2015, far behind its Asian peers Singapore and Taiwan, a report showed Monday.Switzerland came in first at 211.46 million won, followed by the US and the UK, while Korea ranked No. 21 among 53 countries, according to the Germany-based Global Wealth Report published by Allianz.Financial assets grew by double-digit percentages only in Asia, the report emphasized, noting Singapore and Taiwan’s inclusion in the top 10 li
IndustrySept. 26, 2016
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[DECODED] Chey leads SK’s global search for growth
The chief executives of key SK companies have been busy doing homework lately. In front of SK Group Chairman Chey Tae-won and his fellow CEOs, they have to make a presentation next month on ways to fundamentally challenge the way they make money, work and use assets. The task is an assignment given by Chairman Chey after his TED-style lecture-cum-speech in July on the changing business environment and SK’s future. “Companies that do not change in a changing environment don’t just risk perishing
CompaniesSept. 26, 2016
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Samsung, LG likely to see contracted earnings in Q3
South Korean tech giants Samsung Electronics and LG are likely to see contracted earnings in the third quarter due to sluggish smartphone sales, market analysts said Monday. Local financial data provider FnGuide recently set the market consensus for Samsung Electronics’ operating profit for the July-September period at 7.6 trillion won ($6.8 billion). The figure is a more than 8 percent fall from the same period last year and 1 trillion won below market expectations before reports of the Galaxy
TechnologySept. 26, 2016
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Mirae Asset Daewoo releases fund for US real estate investment
Mirae Asset Daewoo has put on sale a public fund, the first of its kind in Korea, to invest in four prime office buildings in Dallas, Texas, the firm said Monday. The fund, worth a total of 300 billion won ($268 million), cannot be resold before its maturity of seven and a half years. It will be available for purchase until Sept. 28 at the firm‘s branches, but will be closed once the fund reaches the target amount. A model promotes Mirae Asset Daewoo‘s fund product designed to invest in four pri
IndustrySept. 26, 2016
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Prosecutors request arrest warrant for Lotte chairman
South Korean prosecutors requested a warrant to arrest Lotte Group Chairman Shin Dong-bin on Monday as the criminal investigation into alleged corruption at Korea’s fifth-largest conglomerate nears its climax.The Seoul Central District Prosecutors’ Office said it has asked the local court to issue an arrest warrant for the group’s highest-ranking executive on charges of embezzling and misappropriating some 170 billion won ($154 million) over the past decade. Lotte Group chairman Shin Dong-bin ar
IndustrySept. 26, 2016
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Hyundai Motor hit by first labor strike in 12 years
Hyundai Motor, the nation’s largest carmaker, is expected to suffer from a substantial delay in production, as unionized workers have staged a full-pledged protest Monday for the first time in 12 years.In attempt to pressurize Hyundai Motor over a stalled wage deal, the workers decided not to show up in their workplaces in Ulsan, Jeonju and Asan, halting operations of all of the carmaker’s production lines Monday. From Tuesday, workers will not work six hours a day for the entire week, the union
MobilitySept. 26, 2016
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[DECODED] Who is Chey Tae-won?
If the life story of SK Group Chairman Chey Tae-won is ever to be made into a film or TV drama, it would be a mash-up of genres -- romance, corporate and even courtroom drama. A 20-something Chey has a campus romance with the president’s daughter and marries her at the Blue House. At 38 years of age, he is crowned successor of Korea’s fifth-largest conglomerate owning the country’s biggest firms in oil refining and telecommunications. In his 40s, he scores a dramatic victory against a hostile ta
CompaniesSept. 26, 2016
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KT acquires online ad agency N Search Marketing
KT Corp., South Korea's largest broadband Internet operator, said Monday it has acquired the nation's top online advertising agency N Search Marketing Corp.The acquisition paves the way for KT to make inroads into the growing market for search-based ads.KT and its online ad affiliate Nasmedia Corp. purchased a 100 percent stake in N Search Marketing from the ad agency's parent company Hahn & Company for 60 billion won ($54.1 million).KT owns a 33.3 percent stake in N Search Marketing, while Nasm
TechnologySept. 26, 2016
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[Kosdaq Star] InBody to benefit from aging, fare well globally
“Let’s InBody!” Names of some companies or products become verbs, if they become popular. InBody has become a new verb in the beauty and health care community, especially among young women who want to be in shape. InBody 770 research grade analysis (InBody)InBody is a Kosdaq-listed company producing a range of health care equipment and devices both for professional and home use. It is the 61st largest firm on the tech-heavy stock index with a market capitalization of 519.3 billion won ($468.2 m
Sept. 26, 2016
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Angolan oil firm’s takeover delay deepens DSME’s liquidity woes
Concerns were growing again Monday over liquidity woes of Daewoo Shipbuilding and Marine Engineering, as the Angolan state-run company is likely to delay the takeover of its drill ships once again. The shipbuilder was planning to deliver the two drill ships to Angola’s state-run oil company Sonangol by this month to receive the remaining contract fee of $1 billion. The initial takeover, which had been scheduled for summer, was postponed to September upon agreement. Sonangol, however, has again d
IndustrySept. 26, 2016
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HHI delivers improved LNG vessel to Norwegian company
Hyundai Heavy Industries handed over a liquefied natural gas carrier equipped with a gas treatment system designed by the company to Norwegian firm Knutsen, the company said Monday. Hyundai’s gas treatment system allows the vessel to completely reliquefy evaporated gas and collect it in a storage tank. The independent operation of the two core parts -- a high pressure compressor for evaporated gas and LNG fuel supply equipment -- also ensures the operation of the system in emergency circumstance
IndustrySept. 26, 2016
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LG Uplus partners with Ssangyong, Tech Mahindra for connected cars
South Korean telecom company LG Uplus on Monday said that it has partnered with Ssangyong Motor and Tech Mahindra, the internet technology unit of Indian automaker Mahindra & Mahindra, for the development of new connected car technologies. The three companies signed a memorandum of understanding in Seoul, agreeing to team up for the development of new platform technologies and network services for Ssangyong’s connected car business. L. Ravichandran, President & COO of Tech Mahindra (left); Yoon
TechnologySept. 26, 2016
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Nomination of new KRX CEO stirs ‘parachute appointment’ controversy
The trade union of Korea Exchange, the operator of the country’s stock trading boards, is protesting the government’s nomination of a former senior official as the next CEO of their company, criticizing the outdated “revolving door” or “parachute appointment” customs of the government. On Monday, the KRX labor union held a press conference in opposition to the nomination of Jeong Chan-woo, former vice chairman of the Financial Services Commission, in front of the National Assembly in Yeouido tog
Sept. 26, 2016
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Import volume index sharply rises in August: BOK
South Korea's imports increased sharply in August in both quantity and value, led by the machinery and chemical sectors, the central bank data showed Monday.The import volume index jumped 7.5 percent to 124.58 in the month from a year earlier, marking the largest growth since late 2014, according to the Bank of Korea. It's a 5.6 percent rise from 117.94 recorded in July.By item, the imports of machinery and chemical products rose 22.7 percent and 18.9 percent on-year, respectively.Metal, coal, p
Sept. 26, 2016