Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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[Kim So-hyun] The quiet taxi driver from Paris
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Eight business groups engage in cross-shareholding: FTC
Eight Korean conglomerates rely on controversial cross-shareholding among their affiliated companies to strengthen their owner families' control over the entire group, the antitrust watchdog said Thursday.Korea's large business groups are accused of having wielded extra influence over their subsidiaries through complicated intra-group stakeholding arrangements. The Fair Trade Commission revised the local antitrust law in 2014 to tighten a ban on the cobweb-like shareholding system among subsidia
IndustryJuly 7, 2016
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Trading value plunges on Brexit woes
[THE INVESTOR] The value of daily share trading on the Korean stock market has significantly declined in July as market volatility has spiked in recent weeks due to the UK’s decision to leave the European Union, following an upward trend during the second quarter this year, according to the local bourse operator Korea Exchange on July 7.Average daily trading value of the benchmark KOSPI and the tech-heavy KOSDAQ stood at 8.46 trillion won (US$7.3 billion) during the first six days of July, down
July 7, 2016
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Environment laws to be eased for Pyeongchang-Gangneung area to boost development
[THE INVESTOR] The government is to ease environmental regulations concerning Pyeongchang-Gangneung area of Gangwon Province as part of the drive to boost investment and trade.According to the pan-government plans revealed on July 7, environment-related regulations near Pyeongchang, Gangwon Province, will be eased, removing barriers hampering development projects in the area. Wind turbines located in Daegwallyeong. Environmental regulations will be partially lifted in the area to allow developm
IndustryJuly 7, 2016
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[Super Rich] The pet superstars of the superrich
The local pet market -- or “petconomy”-- is growing, and along with it, the pets of the superrich are rising to the spotlight. Korea’s pet superstars of the superrich include two famous poodles called Mari and Molly owned by Chung Young-jin, the vice chairman and CEO of the Shinsegae Group, Korea’s largest retailer Shinsegae Group vice chairman and CEO Chung Young-jin with his pet dog Mari in this photo posted on his Twitter account.The two poodles rose to popularity when Mari was first featur
IndustryJuly 7, 2016
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Components to drive up Samsung’s Q3 profits
[THE INVESTOR] Expectations are high on Samsung Electronics’ third-quarter profits after the company released its second-quarter earnings guidance that beat analyst estimates on July 7. According to its tentative earnings report, the Korean tech giant posted more than 8 trillion won (US$7.6 billion) in operating profits and 50 trillion won in sales in the April-June period. Analysts say the company will continue the current momentum in coming months. Samsung Electronics’ headquarters in Suwon, G
TechnologyJuly 7, 2016
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Naver most-favored employer again among college students
Korea's largest internet portal Naver is the most-preferred employer among college students this year, the second consecutive year of the honor for the company, a survey said Thursday.Job information site Incruit canvassed 1,357 college students in search of jobs and found 10 percent of them named Naver as their No. 1 choice among 160 firms to pick from. The company was generously assessed for its growth, development potential and corporate vision, Incruit said.The next choice was CJ Cheiljedang
IndustryJuly 7, 2016
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Samsung, SK hynix to benefit from rise of DRAM prices in Q3
[THE INVESTOR] With DRAM prices hitting rock bottom, the global DRAM market has been in the doldrums over the past couple years. According to a market report on July 7, however, the DRAM market will likely pick up steam in the July-September period thanks to increasing demand in the mobile and server markets.“The downward trend in DRAM prices over the past two years has reversed in June,” said DRAMeXchange in its recent report, forecasting the price increase rate would be in the range of between
TechnologyJuly 7, 2016
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Coway recalls water purifiers containing nickel
[THE INVESTOR] Water purifier rental company Coway has decided to recall its ice water purifiers amid public outcry over the company’s cover-up of defective products containing nickel. “We deeply apologize to consumers regarding some of the ice water purifiers,” the company said in a statement on July 6. “We decided to compensate all buyers of the products to alleviate their concern.”The official apology posted by Coway on its website.The company said it will recall all three disputed models --
IndustryJuly 7, 2016
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Sempio Foods turns to holding company system
[THE INVESTOR] Sempio Foods has announced that it will split the company into a holding company Sempio and an operating company Sempio Foods. The holding company will be listed again.In accordance with the regulation that bans heading both holding company and operating company, Park Jin-seon, who has been co-CEO alongside his father Park Seung-bok, resigned from the post. As the eldest son and the largest shareholder of the company, Jin-seon has been the de facto manager of Sempio and will take
IndustryJuly 7, 2016
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Korean stocks up 0.97 pct in late morning trade
Korean shares were up sharply late Thursday morning as foreign investors turned to buying, one day after their massive selling led to a plunge in the local stock market.The benchmark Korea Composite Stock Price Index added 19 points, or 0.97 percent, to 1,972.12 as of 11:20 a.m.On Wednesday, the index closed 1.85 percent lower from the previous session as foreign investors ended their five-day buying streak and dumped 426.5 billion won ($369 million) worth of local shares.As of 11:20 a.m. foreig
July 7, 2016
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Chinese tourists are biggest foreign shoppers in Seoul: survey
Chinese tourists are the biggest shoppers in Seoul by spending an average of more than 2 million won ($1,730) per person on purchases, a think tank survey on foreign shopping in the country's capital said Thursday. According to the outcomes of the poll of 1,045 foreign tourists who visited the capital last December, they spent an average 1.06 million won each on shopping. The Seoul Institute conducted the survey. Chinese tourists were the biggest spenders with 2.13 million won per capita on aver
July 7, 2016
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Virtual reality cluster planned for Seoul
[THE INVESTOR] A virtual reality cluster will be formed in western Seoul, and up to 30 percent of related R&D costs will be tax exempt, government plans showed on July 7.According to the plans drawn up as part of the government’s strategy for boosting trade and investment, a VR cluster will be set up in Seoul’s Digital Media City and 60 billion won (US$ 51.8 million) will be invested in the field until the end of next year. The fund will be raised in equal parts by the government and the private
IndustryJuly 7, 2016
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Gov't to offer funds, tax benefits for VR industry
Korea announced a package of measures Thursday to foster its virtual reality industry, which includes direct financial support and tax incentives.The government will create 40 billion won ($34.5 million) of special funds, 20 billion won this year and the rest in 2017, for small and medium-sized firms immersed in developing VR gear and content.The VR sector will be added to the list of "new industries" eligible for tax credits of up to 30 percent for research and development projects.The decision
July 7, 2016
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Gov't to promote private investments in newly emerging industries
The government on Thursday announced a fresh set of measures, deregulations and tax rewards to stimulate private investments in newly emerging industries, such as pet care services and halal food and culture.In a pan-government trade and investment promotion meeting chaired by President Park Geun-hye, relevant ministries unveiled new policy efforts to encourage the private sector to invest approximately 4 trillion won ($3.4 billion) in the promising industries."The government has been making eff
July 7, 2016
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Supermarket chains slow in growth recovery
Leading super supermarkets are expected to report blunted growth in June, going against expectations of a big pickup from last year, when the nationwide scare from a respiratory disease cramped sales, according to industry sources Thursday.Although not official, all three major supermarket chains -- Lotte Mart, E-Mart and Homeplus -- are estimated to have suffered either negative or miniscule at best growth in June compared with the same month last year.Sources at Lotte Mart put June's growth at
July 7, 2016
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Samsung Electronics sells 26 million Galaxy S7 phones
[THE INVESTOR] Samsung Electronics, which forecast its best quarterly profit in more than two years, is estimated to have sold about 26 million units of its flagship smartphone Galaxy S7 that was launched in March. In its second-quarter earnings guidance announced on July 7, the Korean tech giant said it posted an operating profit of 8.1 trillion won (US$7 billion) while its sales would come in at 50 trillion won. Even though the company didn’t break down earnings of individual business division
Latest NewsJuly 7, 2016
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Hyundai Rotem’s trains decommissioned over suspension defect in US
[THE INVESTOR] Trains produced by Hyundai Rotem have been decommissioned in the US over defects in the suspension. Hyundai Rotem is subsidiary of Hyundai Motor Group that specializes in railroad vehicles and defense equipment. According to the company on July 7, 120 trains supplied to Southeastern Pennsylvania Transportation Authority were decommissioned on July 1 following the discovery of problems in suspension parts. The trains were supplied to SEPTA in a US$ 270 million contract signed in 20
IndustryJuly 7, 2016
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Trade agency urges enhance energy cooperation with Mongolia
Korea and Mongolia must work to enhance their economic cooperation, especially in the energy and natural resources sector, to help ensure the countries' joint development, a trade promotion agency said Thursday.In a report, the Korea Trade-Investment Promotion Agency or KOTRA insisted now was the right time for South Korea to boost its investment in the East Asian country as Mongolia is increasingly opening up its energy market in the face of a prolonged slump."Mongolia is a high-risk market tha
July 7, 2016
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Higher fines for accounting fraud
[THE INVESTOR] South Korean companies committing accounting fraud will face much heavier fines in the future, the top financial regulator said on July 7. The Financial Services Commission noted that related regulations have been changed to enable the authorities to levy much higher fines that the current 2 billion won (US$ 1.7 million). FSC chief Lim Jong-ryong/ The InvestorUntil now, a company proven to have committed accounting fraud was fined once regardless of the duration of fraudulent acti
IndustryJuly 7, 2016
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NPS selects 7 firms for venture fund
[THE INVESTOR] South Korea’s National Pension Service has named seven private equity firms to run 200 billion won (US$172 million) of its funds, the pension giant said on July 7. The NPS, which oversees $430 billion in assets, hired Aju IB Investment and KTB Network as general manager of the venture fund. Five others including Medici Investment, Seoul Investment Partners, Wonik Investment Partners, Innopolis Partners and G.N.Tech Venture Capital were named as preliminary mangers. National Pensio
July 7, 2016