Most Popular
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Yoon's approval rating plunges to all-time low
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S. Korea votes in favor of Palestinian bid for UN membership
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Bae Doo-na shares portraying Korean identity in Hollywood's 'Rebel Moon'
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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[From the Scene] Monks, Buddhists hail return of remains of Buddhas
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Medical schools granted enrollment quota flexibility for next year
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Yoon offers first one-on-one meeting with opposition leader next week
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France rejects opening Paris flight routes to T'way Air, deals blow to Korean Air merger
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Iran fires air defense batteries in provinces as sound of explosions heard near Isfahan
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Chinese man behind drug scam targeting teens nabbed in Cambodia
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LG to spend more for R&D on appliance parts
[THE INVESTOR] LG Electronics said it would spend 30-50 percent more on-year for research and development into key components of washing machines and air conditioners to maintain its competitiveness in the home appliance market. “The motor and compressor plays a vital role in our home appliance business, so we will invest accordingly,” said Park Jung-hyun, vice president of LG’s compressor and motor business unit at a press meeting in South Gyeongsang Province last week. LG Electronics employee
TechnologyJuly 25, 2016
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Banks required to set aside more foreign exchange reserves
South Korea's top financial regulator said Monday that it would mandate local banks to set aside more foreign exchange reserves starting next year to better deal with any possible massive foreign capital outflows.The local banks are required to raise the foreign exchange liquidity coverage ratio to 80 percent in 2019 from 60 percent in 2017, the Financial Services Commission said.The liquidity coverage ratio is measured as high-quality liquid foreign assets to projected net cash outflows over 30
July 25, 2016
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OLED shipments for smartphones to double by 2017: research firm
[THE INVESOTR] Shipments of organic light-emitting diode displays for smartphones are expected to almost double from last year’s 250 million units to 450 million units in 2017, market research firm IHS predicted. Currently, about 97 percent of the market is dominated by Samsung Display, the display-making unit of Samsung Electronics. Samsung Galaxy S7IHS said this year’s shipments could surge 42.7 percent to 366.9 million panels compared to a year ago. Samsung has extended the OLED adoption for
TechnologyJuly 25, 2016
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[Monitor] N. Korea’s economy shrinks 1.1%
North Korea’s economy is estimated to have contracted 1.1 percent last year on negative growth in most industries, South Korea’s central bank said. This is the first negative growth seen by the communist country since 2010.
July 25, 2016
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Net overseas sales of Orion’s Choco Pie top W4tr
South Korean snack maker Orion said Monday that the cumulative overseas sales of its signature chocolate-covered biscuit brand “Choco Pie” has surpassed 4 trillion won ($3.5 billion) as of July. Boosted by its high popularity in China, Choco Pie’s global sales reached more than 200 billion won during the first half of this year, raising its cumulative overseas sales to 4.15 trillion won, Orion said.Orion’s flagship chocolate biscuit, first released in Korea in 1974, initially ventured abroad wit
IndustryJuly 25, 2016
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Kumho chief pursues group rebuilding
Kumho Asiana Group chairman Park Sam-koo is seeking to bring his group back together by re-acquiring Kumho Buslines and Kumho Tire, which had been sold off in an effort to reduce their debt.According to Kumho Asiana Group on Monday, Park decided to rebuy the 100 percent stake in express bus operator Kumho Buslines that was sold to Germany-based private equity firm Consus KHB last year by Kumho Terminal for about 390 billion won. Kumho Asiana Group chairman Park Sam-kooThat transaction came just
IndustryJuly 25, 2016
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Japanese hybrid cars replacing German diesel vehicles in Korea
Japanese hybrid cars are eating into German diesel cars’ share in the Korea’s foreign car market, following a series of emissions and mileage scandals, according to market analysts. The combined sales of German brands -- BMW, Mercedes Benz, Audi and Volkswagen -- declined by 9 percent in the first half year-on-year, with their market share going down 4.6 percent to 64.2 percent, according to the Korea Automobile Importers & Distributors Association.The fall was mainly led by the sales decline of
MobilityJuly 25, 2016
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Korea clinches W1tr UAE nuclear reactor deal
Korea has reached a landmark deal with the United Arab Emirates to operate four nuclear reactors currently under construction in the Middle East country, officials said Monday. The state-run Korea Hydro & Nuclear Power said it made an operation support services agreement with the UAE Emirates Nuclear Energy Corp. over operating the four Advanced Power Reactor-1400 nuclear reactors at Barakah. KHNP president Cho Seok (right) and UAE ENEC CEO Mohamed Al Hammadi exchange gifts after reaching a nuc
IndustryJuly 25, 2016
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Government to begin safety survey of dressers
A government agency responsible for setting safety standards for products sold in Korea said Sunday that it will begin surveying the dangers of dressers being sold in Korea following public outcry over dressers sold by multinational furniture maker Ikea.Ikea faced public fury when it was revealed that its Malm line of dressers were being sold in Korea despite being linked to the deaths of six young children abroad.The fatalities were caused when dressers that were not properly fastened to the wa
IndustryJuly 25, 2016
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Korean shipbuilders projected to see profit downturn in Q2
[THE INVESTOR] South Korean shipbuilders are likely to see a profit downturn in the second quarter of the year, hit by the ongoing industry-wide restructuring. Local securities said the nation’s largest three shipyards -- Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering -- will record lackluster quarterly revenues. DSME headquater in Seoul / The InvestorHyundai Heavy Industries, scheduled to announce its earnings on July 27, is forecast to post an
IndustryJuly 25, 2016
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Seoul lays out measures for safety of used nuclear fuel
The Seoul government has set up a basic scheme to safely manage spent nuclear fuel, amid public calls for clear safety measures for the used nuclear fuel, officials said Monday. The government’s nuclear power committee, chaired by Prime Minister Hwang Kyo-ahn, said it has drawn up the country’s first scheme for the safe management of high-level radioactive waste. Under the new basic scheme, the government will determine the site for a permanent disposal facility based on scientific and democrati
IndustryJuly 25, 2016
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LG Chem to expand elastomer output
The nation’s leading chemical and battery firm LG Chem is set to triple its elastomer output to meet the growing demand in the global market, the company said on Monday. LG Chem said it would invest 400 billion won ($351 million) to build additional factories, which will be capable of producing 200,000 metric tons of elastomers on an annual basis. Elastomer is high-valued synthetic resins, which is used for materials for cars, shoes, functional films and electric wire. When the plants are comple
TechnologyJuly 25, 2016
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Big Bang’s T.O.P. to curate Sotheby’s Hong Kong auction
[THE INVESTOR] Big Bang’s T.O.P. will debut as a curator at an auction to be held by Sotheby’s Hong Kong in October according to YG Entertainment. For the sale “#TTTOP,” named after his Instagram account that boasts over 5 million followers, the member of the superstar K-pop band who also acts under the name Choi Seung-hyun will share his artistic side. Big Bang’s T.O.P. / YG EntertainmentKnown to be an avid collector of designer furniture and contemporary art, he has contributed his collection
IndustryJuly 25, 2016
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LINE to announce 2Q earnings on July 27
[THE INVESTOR] Naver, the parent firm of mobile messenger operator LINE, said July 27 that an investors conference for the messenger firm will be held from 5 p.m. to 6:30 p.m. on July 27 in Tokyo after the second-quarter earnings report is announced at around 3 p.m. on the same day.The InvestorThe mobile messenger company went public on July 5 in Tokyo and New York and its stock price closed up 4.18 percent at 4,110 yen (US$38.70) on July 25.(theinvestor@heraldcorp.com)
July 25, 2016
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Korean stocks end almost flat
South Korean stocks closed almost unchanged Monday as investors took to the sidelines waiting for a slew of key data and economic events in the coming days. The Korean won fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 1.98 points, or 0.1 percent, to close at 2,012.32. Trade volume was slim at 346.73 million shares worth 4.14 trillion won ($3.64 billion), with losers outnumbering winners 436 to 374.Market analysts say the market is expected to remain in a tig
July 25, 2016
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Foreign securities firms cut S. Korean operations
[THE INVESTOR] Foreign securities companies are reducing their South Korean operations as potential profitability falls. According to local financial industry sources, the number of executives at foreign securities firms’ local operations fell from 42 in 2011 to 22 by March this year. The number of employees also fell from 904 to 735 over the same period. The workforce cut, which had been focused on nonessential departments, has now spread to sales and others linked directly to business operatio
July 25, 2016
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Korea’s R&D investment in 2015 at W19tr
[THE INVESTOR] The Korean government invested 18.87 trillion won (US$16.6 billion) for research and development in 2015, according to the Ministry of Science, ICT and Future Planning. An analysis report released on July 25 showed that 54,433 projects were financed for 639 national R&D programs, a 7 percent increase from 2014. The Science Ministry provided the largest fund of 6.5 trillion won followed by the Ministry of Trade, Industry and Energy (3.4 trillion won), Defense Acquisition Program A
IndustryJuly 25, 2016
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Foreigners net-buy 3 tln won of Korean stocks in July
Foreign traders have favored South Korean tech shares recently, while turning their backs on the automobile sector, data showed Monday.Foreigners scooped up a net 2.96 trillion won ($2.6 billion) worth of local stocks in the first three weeks of July alone, buttressing the benchmark Korea Composite Stock Price Index, according to the Korea Exchange.Ditching the traditional pattern of a "balanced" portfolio, they focused buying on tech, steel and materials shares.They net-purchased 631.6 billion
July 25, 2016
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LVMH invests $50m in Korean cosmetics maker CLIO
South Korean cosmetics maker CLIO has secured $50 million in investment from the world’s largest luxury brand group LVMH Moet Hennessy Louis Vuitton, boosting plans to expand overseas.LVMH-owned private equity fund L Capital Asia and CLIO signed an agreement on the investment and its terms during a ceremony in Singapore on July 22, the Korean cosmetics firm said Monday.Under the agreement, CLIO will complete its initial public offering by the end of this year and issue redeemable convertible pre
IndustryJuly 25, 2016
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CJ Korea Express to invest W24.9b in express delivery center
[THE INVESTOR] CJ Korea Express signed an agreement on July 25 with Incheon International Airport to build an express delivery center in the airport’s logistics complex.It will invest 24.9 billion won (US$21.89 million) and build a 21,157m² center that will start operating in the latter half of 2017. It is “a preemptive measure to process the fast-increasing volume of express parcels, especially from and to China and Southeast Asia,” said Park Geun-tae, CEO of the logistics arm of South Korean c
IndustryJuly 25, 2016