Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[Music in drama] Rekindle a love that slipped through your fingers
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Nearly 50 million flight passengers in first half of 2016
Flight passengers in Korea hit an all-time high in the first half of 2016, totaling nearly 50 million, according to Transport Ministry data on Wednesday.Korea saw 49.8 million people traveling by air in the first half of the year, up 14.5 percent from last year and marking a record high. About 35 million of those passengers flew internationally.The number was up 44.5 percent on-year for the month of June thanks to the travel industry’s recovery from the Middle East Respiratory Syndrome shock las
July 27, 2016
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Shinsegae offers free Wi-Fi for Myeong-dong shoppers
Korean retail group Shinsegae is offering free wireless internet service to shoppers in the Myeong-dong area starting Thursday, the company said Wednesday.The service is intended to appeal to Chinese shoppers, who tend to rely on wireless internet in Korea rather than data roaming services. According to a survey from the Korea Tourism Organization, more than three-fourths of surveyed Chinese tourists said that they wanted free Wi-Fi access near major shopping districts.The welcoming page on Shin
IndustryJuly 27, 2016
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Youth employment policy gets nowhere
Since its installment in February 2013, President Park Geun-hye’s administration has put increasing youth employment on top of its policy agenda. It has poured more than 4 trillion won ($3.5 billion) in various programs designed to get more young people into the workforce.To its embarrassment, the country’s youth jobless rate has set a record monthly high in recent months, standing at 10.3 percent in June, according to figures from Statistics Korea. Some private researchers estimate the actual y
July 27, 2016
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Korea's foreign VC investment fund breaks W1tr mark
[THE INVESTOR] Foreign VC Investment Fund has attracted more than 1 trillion won (US$881.87 million), the Small and Medium Business Administration announced on July 27.Foreign VC Investment Fund is fund operated by foreign venture firms that invests a set proportion in South Korean companies. The fund was first established in 2013, and about 930 billion won was gathered through 11 foreign venture capital firms. With four venture capital firms being added to the list in the first half of the year
July 27, 2016
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Samsung C&T returns to black with Q2 net profit of 135 bln won
Samsung C&T Corp., a construction affiliate of Samsung Group, bounced back into the black with a net profit of 134.5 billion won ($118.6 million) for the April-June period, the company said in a statement Wednesday. Samsung C&T posted a net loss of 516.6 billion won in the first-quarter of this year, hit by one-off costs derived from its overseas construction projects. At the operating level, the company also posted a profit of 176.8 billion won for the second quarter, compared with a loss of 43
IndustryJuly 27, 2016
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Korean shares edge down ahead of Fed meeting
South Korean stocks closed slightly lower Wednesday as investors took a wait-and-see stance ahead of the U.S policy rate-setting meeting later this week. The local currency fell against the U.S. dollar.After choppy trading, the benchmark Korea Composite Stock Price Index shed 2.29 points, or 0.1 percent, to 2,025.05.Trading volume was moderate at 402.25 million shares worth 4.43 trillion won ($3.9 billion), with losers outnumbering gainers 483 to 303.Market analysts said investors are increasing
July 27, 2016
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Operating-margin gap between Samsung, Apple falls to record low
The gap in operating margins of Samsung Electronics Co. and that of Apple Inc., the world's two largest makers of smartphones, fell to a record low as sales of Apple's iPhone slumped, according to the two companies' financial statements on Wednesday. Apple posted an operating profit of $10.1 billion and sales of $42.4 billion in the quarter ending June 25. Apple's operating margin declined 3.85 percentage points on quarter to 23.82 percent. In its earning guidance for the April-June period, Sams
IndustryJuly 27, 2016
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Samsung, SK hynix to spend more on chips for self-driving cars
[THE INVESTOR] Korean chipmakers Samsung Electronics and SK hynix are pouring more resources into producing chips for self-driving cars amid their slowing sales in key sectors such as PCs. SK hynix, the second-largest memory chipmaker next to Samsung, said on July 26 that its car business now makes more than 10 percent of DRAM sales. DRAM chips are used for temporary data storage. The company added the figure for NAND chips, used for long-term data storage on smartphones and computers, is lower
TechnologyJuly 27, 2016
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Kia Motors to launch new SUV to boost Chinese sales
[THE INVESTOR] Kia Motors, a Hyundai Motor's smaller affiliate said on July 27 it plans to roll out a new sport utility vehicle in China in response to stagnating car sales in the world’s second largest economy. “In China, we will unveil a new SUV, similar to Sorento, next year,” Han Chun-soo, Kia’s chief financial officer, said at the conference call after announcing the Q2 results. “Besides SUVs, we will also include compact cars and the K5 hybrid model in the new lineup to increase presence i
MobilityJuly 27, 2016
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Hyundai E&C Q2 profit up 5.5% on overseas projects
[THE INVESTOR] Hyundai E&C, the engineering and construction unit of Hyundai Motor Group, on July 27 said that its second-quarter operating profit increased 5.5 percent to 268.4 billion won (US$236.80 million) from a year ago, thanks to large orders from the Middle East. But revenue was down 2.7 percent to 4.6 trillion won during the April-June period. A nuclear power plant being built by Hyundai E&C in the United Arab EmiratesFor the whole year, the company’s operating profit soared 4.5 percent
IndustryJuly 27, 2016
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Smaller hedge funds make headway in Korea
[THE INVESTOR] Smaller and new hedge funds are making headway in South Korea, rising to rival those operated by large financial companies. According to industry sources, Anda Asset Management has attracted 288.3 billion won (US$254.41 million) over the past year to become the country’s third largest hedge fund. Anda Asset Management now trails the industry’s second-largest player Mirae Asset Securities by 109 billion won. A year ago the gap was 248.5 billion won. Anda Asset Management founder Ke
July 27, 2016
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[EQUITIES] Daishin Securities expects SK hynix’s earnings growth to slow in Q3
[THE INVESTOR] Daishin Securities on July 27 forecast SK hynix will report a slower earnings growth in the third quarter due to a delay in its planned investment in 3-D NAND flash memory.The brokerage put quarterly sales estimates at 4.94 trillion won (US$4.36 billion), with an operating profit of 484 billion won. Daishin also noted that second quarter net profit of 286 billion won missed market estimates by a wide mark, mainly on losses stemming from a stronger Korean currency.The chipmaker’s f
July 27, 2016
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BOK chief: Fiscal policy more important than monetary policy amid low growth
The head of South Korea's central bank on Wednesday stressed the importance of a fiscal and restructuring policy than a monetary one in tackling the country's low growth.Bank of Korea Governor Lee Ju-yeol said in a meeting with lawmakers that South Korea's relatively strong financial status will allow the government to inject some money to support slowing growth and generate jobs.He said an excessive monetary easing policy could lead to an increase of risky assets of financial companies and an e
July 27, 2016
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[EQUITIES] SK Securities forecasts earnings turnaround for Shinsegae Int’l
[THE INVESTOR] SK Securities on July 27 forecast Shinsegae International will swing to the black in the second quarter of this year as it completes the withdrawal of Salomon, a money-losing clothing brand. The brokerage expected operating profit rising 59.1 percent to 5.9 billion won (US$ 51.76 million) and sales increasing 6.1 percent to 240.9 billion on. These figures are higher than the market consensus of 3.4 billion won of operating profit and 237.9 billion won of sales. Shinsegae Internati
July 27, 2016
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Finance minister vows full support for corporate revamp
South Korea's chief economic policymaker said Wednesday that the government will give full support to the industries that are undergoing tough restructuring and workers affected to minimize adverse impact.The South Korea government earlier unveiled a set of stimulus steps, including an 11 trillion won-extra budget, to boost Asia's fourth-largest economy which has been suffering from faltering exports and lukewarm domestic demand.Its economy-boosting measures focused on cushioning fallout from in
July 27, 2016
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Hyundai E&C Q2 net surges 16.4%
South Korean builder Hyundai Engineering & Construction Co. (Hyundai E&C) said Wednesday that its second-quarter earnings jumped over 16 percent from a year earlier despite a slight dip in sales.Net profit came to 167.8 billion won ($147.96 million) in the April-June period, up 16.4 percent from the same period last year, according to the company.Sales slipped 2.7 percent on-year to some 4.69 trillion won, partly due to a delay in major overseas projects.Operating profit climbed 5.5 percent to 2
July 27, 2016
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Korea Kolmar to supply generic CNS treatment to Abbott
[THE INVESTOR] Korea Kolmar has signed an agreement with Abbott Korea for the exclusive supply of drugs, it announced on July 27. It will be a contract manufacturing organization for two treatments for central nerve system disorder, including Aerica capsule that contains the active substance pregabalin. Kolmar Korea’s own lab developed the pharmaceutical preparation and it has been approved to manufacture the drug.The domestic market for pregabalin, known to be effective for reducing central neu
IndustryJuly 27, 2016
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Nexon Japan’s major shareholders are at tax havens: Chaebul.com
[THE INVESTOR] Many of Nexon Japan’s major shareholders were found to be offshore firms located in tax havens, according to data from conglomerate tracker Chaebul.com on July 27. In addition, a local brokerage -- Samsung Securities -- was discovered holding the third-largest stake in the gaming company through an overseas bank account. Nexon Japan is the headquarters of the South Korean gaming company Nexon Group founded by Kim Jung-ju who is currently being questioned for charges of bribery. Ki
CompaniesJuly 27, 2016
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Hyundai BNG Steel CEO facing indictment for chauffeur abuse
[THE INVESTOR] Hyundai BNG Steel CEO Chung Il-sun’s assault case has been transferred to the prosecution, with recommendations to indict him for violating the Labor Standards Act, the Ministry of Employment and Labor said July 27.Chung, who is a grandson of Hyundai Group founder Chung Ju-young, is alleged to have assaulted his chauffeur, and hired a total of 61 chauffers over the course of three years. Hyundai BNG Steel CEO Chung Il-sunHe is also accused of forcing his drivers to work more tha
IndustryJuly 27, 2016
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[EQUITIES] Kakao’s Q2 earnings to miss estimates
[THE INVESTOR] Eugine Investment and Securities on July 27 said that Kakao’s second-quarter earnings would miss estimates as the company’s online-to-offline businesses such as Kakao Driver has yet to gain momentum for profitability. The securities firm predicted the company’s April-July revenue and operating profit at 376.3 billion won (US$331.75 million) and 34.7 billion won, respectively, both missing earlier estimates. The suggested price for Kakao was also adjusted from the previous 170,000
July 27, 2016