Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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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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Consumers moving to take legal action against Coway
Consumers are banding together for civil and criminal suits against Coway, South Korea's leading maker of water purifiers, after nickel was discovered mixed in the water when using certain company models, industry officials said Thursday.Some consumers are claiming the same defect in products from other companies, raising the possibility that the latest public outcry could hit the entire industry, they said.Nickel coating was found in dispensed water in three ice maker/water purifier models by C
IndustryJuly 7, 2016
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Head of Lotte Foundation arrested amid bribery scandal
Seoul prosecutors arrested the head of Lotte Foundation and daughter of the Lotte Group founder on Thursday for bribery as they widened their probe into the country's fifth-largest conglomerate. The Seoul Central District Court issued a warrant to formally detain Shin Young-ja, 73, over suspicions she received bribes from the former chief of a local cosmetics brand who is at the center of a lobbying scandal that is rocking the country's legal sector."There are considerable reasons to suspect she
IndustryJuly 7, 2016
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Korean stocks open higher on tech rally
Korean shares opened higher Thursday as an earnings surprise from tech giant Samsung Electronics boosted investor sentiment here.The benchmark Korea Composite Stock Price Index added 16.65 points, or 0.85 percent, to 1,969.77 in the first 15 minutes of trading.The sharp increase came as Samsung said its Q2 operating income was estimated at 8.1 trillion won ($6.99 billion), greatly surpassing the earlier market consensus of 7.32 trillion won.On Wednesday, the local stock market plunged 1.85 perce
July 7, 2016
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Samsung Electronics estimates Q2 operating profit at 8.1 tln won
Korea's top tech firm Samsung Electronics Co. estimated Thursday that its second-quarter operating income increased more than 17 percent from a year earlier on the back of robust sales of its flagship smartphones, such as the Galaxy S7 series.Operating profit is estimated at 8.1 trillion won ($6.98 billion) in the April-June period, up 17.39 percent from the 6.9 trillion won posted a year earlier, the world's top smartphone maker said in a regulatory filing.The estimate breaches the 8 trillion-w
IndustryJuly 7, 2016
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[URGENT] Samsung Electronics posts US$7b operating profits in Q2
[THE INVESTOR] Samsung Electronics estimated in its earnings guidance for the April-June period on July 7 that it would post approximately 8.1 trillion won (US$7 billion) in operating profit in the second quarter while its revenue would come in at 50 trillion won.The estimated operating income and revenue for the second quarter increased from 6.9 trillion won and 48.5 trillion won, respectively, in the same period last year. Samsung Electronics president and mobile chief Koh Dong-jin poses at th
TechnologyJuly 7, 2016
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Prosecutors seek arrest warrant for former chief of Daewoo Shipbuilding
Prosecutors said Wednesday that they have requested a warrant to arrest a former head of Daewoo Shipbuilding & Marine Engineering Co. on charges of fraud and breach of trust. Prosecutors suspected that Ko Jae-ho cooked books worth some 5.4 trillion won (US$4.6 billion) from 2012 to 2014 by under-reporting the production cost or exaggerating sales or operating profit. Earlier this year the shipyard said it swung to huge losses in 2013 and 2014 from earlier reported profits, citing accounting mish
IndustryJuly 6, 2016
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[Graphic News] Traditional low-cost foods see price spike again in Q2
Food and beverage products that are traditionally considered to be low-cost choices when eating out have seen a price spike in the second quarter of this year, according to Statistics Korea.The largest increase was in the price of soju, which leaped 12.5 percent relative to last year. This is the second consecutive quarter in which soju has seen the biggest on-year price jump.Other popular foods when eating out such as gimbap and ramen have also risen significantly. Gimbap prices rose 5.2 percen
IndustryJuly 6, 2016
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Prosecutors to summon former chief of Volkswagen Korea again
Prosecutors said Wednesday they will summon a former managing director of the local branch of Volkswagen for a second time later this week over the German carmaker‘s alleged irregularities that came to light following last year’s emissions scandal. The Seoul Central District Prosecutors‘ Office said it will summon Park Dong-hoon on Friday for questioning over his alleged involvement in the cover-up of problems found in vehicles sold in the country. The 63-year-old was first summoned Tuesday as
MobilityJuly 6, 2016
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Construction workers embark on indefinite strike
[THE INVESTOR] Over 24,000 construction workers staged a strike in central Seoul on July 6 to demand better working conditions and revision of laws to protect their rights. The Korean Construction Workers Union gathered at the Seoul Plaza at 4 p.m. to protest/ The InvestorMembers of the Korean Construction Workers Union, under the South Korea’s second largest umbrella labor union Korea Confederation of Trade Unions, gathered at the Seoul Plaza in central Seoul at 4 p.m. for a walkout that will
IndustryJuly 6, 2016
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Morgan Stanley biggest short seller of Korean stocks
[THE INVESTOR] Foreign securities companies led by Morgan Stanley & Co. International are the biggest short sellers betting against Korean stocks, according to the local bourse operator Korea Exchange on July 6. As the KRX started to impose a new regulation obligating investors to reveal their short positions and information about their identities publicly from June 30, a total of 414 cases were reported, according to filings made under the new regulatory regime.Morgan Stanley headquartersAccord
July 6, 2016
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[ANALYST REPORT] Fair Trade Commission rejects SKT’s bid for CJ Hellovision
Yonhap News reported last night that the Fair Trade Commission, in its M&A assessment report, had rejected SKT’s bid to acquire CJ Hellovision, saying it would hinder competition. The FTC pointed out that the combined entity would control more than 60% of the market in 21 of the total of 23 broadcast areas in which CJ operates, thus hurting competition. The two companies have yet to issue an official comment. Decision difficult to understand The decision, if true, is hard to understand for a num
July 6, 2016
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Strikes loom over shipbuilders
[THE INVESTOR] South Korea’s top three shipbuilders’ troubles are set to deepen with their unions gearing up for strikes. Samsung Heavy Industries labor organization was on July joined by the union of Daewoo Shipbuilding and Marine Engineering on the stage for strikes. Samsung Heavy’s labor organization is set to stage a 4-hour strike on July 7 from 1 p.m. Daewoo Shipbuilding and Marine Engineering headquarters/ The InvestorAs for DSME, its union approved the plans to strike with 88.3 percent su
IndustryJuly 6, 2016
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Koreans report record amount of inheritance, gift tax in 2015
[THE INVESTOR] South Koreans have declared a record amount of inheritance, gift tax last year, the National Tax Service said on July 5. According to the NTS’ report, Korean people filed a total of 2.189 trillion won (US$ 1.9 billion) in inheritance tax in 2015, a 32.5 percent increase from the previous year. A total of 5,452 people received inheritance, an increase of 13.8 percent on-year.The gift tax stood at 2.362 trillion won last year, up 25.8 percent from the previous year. A total of 98,04
July 6, 2016
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German software giant SAP opens office near Seoul
The world-renowned design center of German software giant SAP opened an office, called AppHaus, in Korea on Wednesday, in a demonstration of its commitment to a partnership with the nation's government in promoting innovation and digital startups.The AppHaus located on the Pangyo Startup Campus, situated just south of Seoul, is the third of its kind created by the SAP Design & Co-Innovation Center. It has similar space in Heidelberg and Silicon Valley.The Park Geun-hye administration has been ac
IndustryJuly 6, 2016
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Gold closes at record high over Brexit worries
[THE INVESTOR] Gold prices hit a record high on July 6 fueled by concerns over the impact UK leaving the European Union will have on financial markets. Gold closed at 50,910 won (US$ 43.8) per gram, up 2.33 percent from July 5. This is the highest on record since Korea Exchange opened the gold market in March 2014. By Choi He-suk (cheesuk@heraldcorp.com)
July 6, 2016
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Korean display-makers to lead OLED sector next decade: IHS
[THE INVESTOR] South Korean display-makers such as Samsung Display and LG Display will maintain their lead in the organic light-emitting diode sector for the next decade, according to a market research firm.“Samsung Display and LG Display will be leading the OLED market for up to 10 years,” said Ricky Park, director of IHS at the OLED Frontier Forum held in Seoul on July 5. “Unlike liquid-crystal displays, OLED requires years of investment and high production expertise, so Chinese displays compa
TechnologyJuly 6, 2016
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Number of wealthy Koreans surged in 2015
Koreans with financial assets worth more than 1 billion won ($860,000) jumped 15.9 percent last year from a year earlier helped by increased returns from their investments in equities and real estate, a private think-tank report said Wednesday.The number of such deep-pocket Koreans climbed to 211,000 in 2015 from 182,000 the previous year, according to KB Financial Group's research institute."In the first half of last year, ample liquidity was injected into the markets to help support growth. A
July 6, 2016
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Woori Bank, oldest top 500 firm in South Korea
With a history of 105 years, Woori Bank is the oldest among South Korea’s largest 500 companies by sales, according to CEO Score, a website devoted to monitoring local conglomerates.Among the 500, almost half were found to be more than 40 years old, while another 12 percent are over 60 years old. Combined, those aged 20 years or older accounted for 82 percent of the firms.Woori BankIn contrast, just 18 percent were “younger” companies aged 20 years or less. On average, the top 500 companies were
July 6, 2016
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LG CNS to build 'smart farm' to apply ICT
LG CNS Co., an IT affiliate of Korea's LG Group, said Wednesday that it will build a farming complex based on information and communications technologies on a vast tract of reclaimed land on the nation's southwest coast.The complex, dubbed "Smart Biopark," will span about 76 hectares in the southwestern coastal area of Saemangeum, the LG Group said. The farm's environment, including humidity and temperature, will be managed by mobile and computer devices.LG CNS said it will invest nearly 380 bil
IndustryJuly 6, 2016
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[Photo News] Joining Hands
Lee Dong-geun (fourth from left), standing vice chairman of the Korea Chamber of Commerce and Industry, poses with Lim Chae-un (third from left), president of the Small and Medium Business Corporation and others in Seoul on Wednesday, after signing an agreement to cooperate to support local SMEs in going global. (KCCI)
July 6, 2016