Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Korea eyes measures to counter rising unemployment in H2
South Korea’s Finance Minister Yoo Il-ho said Wednesday the government will devise a new set of economic policies to counter growing uncertainties and difficulties stemming from debt restructuring and decreasing number of jobs in the latter half of this year.In an economic-related ministerial meeting on Wednesday, Minister Yoo said the government needs to prepare for the worst through policy measures as the economy is expected to further deteriorate later this year.“The economy has recently show
June 22, 2016
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Korean biopharma firms rush into IPO market this year
This year will see the largest number of Korean pharmaceutical companies seeking for stock market debuts to raise fresh funds for global market expansion, according to reports on Wednesday. Amid growing market expectations, Green Cross LabCell and ST Pharm got the green light for new listing on the tech-heavy bourse KOSDAQ on Thursday. The two firms are part of a long list of bio companies starting to trade their new shares in the market.In the first half of 2016, five companies went public and
IndustryJune 22, 2016
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KEXIM to issue up to W1tr CoCo bonds
[THE INVESTOR] The Export-Import Bank of Korea will issue contingent convertible bonds on June 29.The export credit agency hopes to raise between 700 billion won (US$605 million) to 1 trillion won with the tier 2, 10-year CoCos. The interest rate is expected to be between 2.1 percent and 2.2 percent. A number of organizations including the National Pension Fund are said to have expressed interest in the bonds.The Export-Import Bank of Korea.The move is aimed at securing capital to prepare for th
June 22, 2016
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[Photo News] Gathering against money laundering
Financial Services Commission Yim Jong-yong speaks at the opening ceremony for the Financial Action Task Force’s plenary and working group meetings in Busan on Wednesday. (Yonhap)
June 22, 2016
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Korea’s top four conglomerates focusing on China
[THE INVESTOR] South Korea’s top four conglomerates -- Samsung, Hyundai Motor, SK and LG -- were found to be focusing their overseas operations in China. One out of four of their offshore companies were located in China as of March this year, according to a local think tank on Wednesday.In contrast, only 2.1 percent are located in the United Kingdom, which is set to vote on June 23 on whether to stay in the European Union.Samsung affiliates, such as Samsung Electronics, Samsung C&T and Samsung S
IndustryJune 22, 2016
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Korea’s speed of innovation 70% that of China: survey
[THE INVESTOR] Korean manufacturers consider the country far behind China in terms of speed of innovation, a survey by the Korea Chamber of Commerce and Industry showed on Wednesday. In the survey on 300 manufacturing firms, local companies rated Korea’s speed of innovation as being 71 percent that of China. The respondents were asked to estimate the country’s speed of innovation in relation to China, whose speed of innovation was set at 100 kilometers per hour. The average for Korea’s industrie
June 22, 2016
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BOK governor says uncertainties will grow in second half of year
[THE INVESTOR] Bank of Korea Gov. Lee Ju-yeol said Wednesday that the Korean economy is expected to see increasing external and internal uncertainties in the second half of the year. He pointed out that the U.K.’s referendum result on Britain’s exit from the European Union could further spur volatility in the global financial market, during a meeting with economic experts held at the central bank’s headquarters in Seoul. Lee also expressed concerns that the U.S. Federal Reserve is still likely t
June 22, 2016
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Korea’s economic growth to slow down in 2016
[The INVESTOR] Korea’s economy is expected to grow at a similar rate this year on the recovery of exports in the second half. Facility investment, however, will record minus growth, according to a leading economic think tank. Korea Institute for Industrial Economics and Trade released its economic and industrial outlook for 2016 on June 22. It predicted the gross domestic product in the first half of the year at 2.9 percent and the second half at 2.3 percent, averaging the figure of 2.6 percent
June 22, 2016
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Seoul exceeds spending plan to trigger growth
[THE INVESTOR] The South Korean government exceeded its fiscal spending plans during the first five months of the year to help stimulate the lackluster economy, the Finance Ministry said June 22. The government had earlier announced that it would spend approximately 60 percent of this year’s 280 trillion won (US$242 billion) budget set aside for the central government in the first half. The ministry said it has used 135.1 trillion won of the budget in the first five months of the year, surpassin
June 22, 2016
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Hyundai Mobis retains 6th place in world’s auto parts market
[THE INVESTOR] Hyundai Mobis maintained its place as the world’s sixth largest auto parts maker in 2015, industry data showed on June 22. According to the rankings by sales compiled by Automotive News, Hyundai Mobis recorded sales of US$26.262 billion to retain the sixth place for the third consecutive year. The top place was retained by Robert Bosch with US$44.825 billion. Japan’s Denso rose to the second place with US$36.03 billion, followed by Canada’s Magna International with US$32.134 billi
MobilityJune 22, 2016
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Richest under 40: Koo Gwang-mo
[BORN TO BE RICH] Among South Korea's richest aged 40 years or younger, LG chairman’s the adopted son Koo Gwang-mo, 38, of LG Group is the wealthiest. His net worth is estimated at 751.8 billion won (US$650.5 million).LG Corp. vice president Koo Gwang-mo.Koo is the great grandson of LG’s founder, the late Koo In-hoe. He was born to Heesung Group chairman Koo Bong-neung, but was adopted by his uncle Koo Bon-moo, chairman of LG. Gwang-mo is currently a vice president of LG Corp. He was promoted to
CompaniesJune 22, 2016
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Resources development policy hobbled by inconsistency
Resources development policy hobbled by inconsistencyBy Kim Kyung-ho Korea relies on imports for 96 percent of primary energy sources and 99 percent of key mineral resources. In the 2015 Energy Sustainability Index released by the World Energy Council, the country ranked 121st, far behind China and Japan, which placed Nos. 21 and 83, respectively.This means that Korea needs to implement a consistent, efficient and long-term policy for developing resources abroad. But it has failed to do so over
June 22, 2016
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Hyundai Samho completes Panama Canal contract
[THE INVESTOR] Hyundai Samho Heavy Industries announced on June 22 that its US$210 million Panama Canal contract has been completed. In 2010, Hyundai Heavy won the contract to build and install 158 small floodgates and 158 sets of hydraulic systems for the Panama Canal expansion project. An aireal view of the Panama Canal. Panama Canal AuthorityThe US$5.25 billion project will increase Panamax by a factor of about 1.5. The expansion project is set for completion on June 26. By Choi He-suk (chees
June 22, 2016
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LG International’s Q2 operating profit to surge 48%: report
[THE INVESTOR] LG International, a trading arm of LG Group, will post improved second quarter earnings, local brokerage firm NH Investment & Securities said on June 22 while maintaining its “buy” rating. According to the securities firm, LG International’s Q2 operating profit is projected to jump 48 percent on year to 44.9 billion won (US$38.8 million). “The market condition for LG International’s resource development business is improving as copper and coal prices have remained at the previous
June 22, 2016
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[DECODED] Shin Dong-bin’s ‘Global Lotte’ in jeopardy
The year 2016 had been set to become a major turning point for Lotte chairman Shin Dong-bin to build up a “Global Lotte.”From the much-anticipated initial public offering of its hotel unit to a flurry of new mergers and acquisitions to be set in motion, the country’s fifth-largest conglomerate had been on track to fulfill its ambition to expand its business empire beyond its domestic boundaries.Yet, all came tumbling down on June 10. Seoul prosecutors kicked off a record-scale probe into the cou
IndustryJune 22, 2016
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Pantech showcases new 'IM-100' smartphone
[THE INVESTOR] Pantech, one of top three mobile phone manufacturers in Korea, showcased its new smartphone IM-100 on June 22 at its R&D center in Seoul, unveiling its ambition to recover lost ground.IM-100 -- pronounced as “I am back” with the number pronounced “back” in Korean -– will begin sales starting next week. Pursuing minimal design, the company excluded its logo on the new mobile phone, which comes in two options: white or black. The 7-millimeter-thick mobile phone incorporates a wheel
TechnologyJune 22, 2016
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BOK chief to attend BIS general assembly
[THE INVESTOR] The head of South Korea‘s central bank will visit Basel, Switzerland this week for the annual general assembly of the Bank for International Settlements, the Bank of Korea said on June 22. BOK Gov. Lee Ju-yeol will depart on June 23 to attend the 86th BIS General Assembly to be held over the weekend.BOK governor Lee Ju-yeolWhile in Basel, the South Korean top central banker will also attend the BIS Global Economy Meeting and the Meeting of the Asian Consultative Council where he w
June 22, 2016
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Lotte probe bodes ill for Korea’s M&A market
[THE INVESTOR] The ongoing investigation into Lotte Group could deal a significant blow to Korea’s M&A market, finance industry sources say. Lotte Group has come under scrutiny over alleged corruption that runs to the very top, effectively putting all major plans on hold. With Lotte being one of the biggest players in M&As, concerns are growing that the market will feel a major pinch. 123rf.According to finance industry data, Lotte Group spent more than 7.6 trillion won (US$6.57 billion) to tak
June 22, 2016
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BOK governor says uncertainties will grow in 2H
[THE INVESTOR] Bank of Korea Gov. Lee Ju-yeol said on June 22 that the Korean economy is expected to see increasing external and internal uncertainties in the second half of the year. He pointed out that the UK’s referendum result on Britain’s exit from the European Union could further spur volatility in global financial market, during a meeting with economic experts held at the central bank’s headquarters in Seoul. Bank of Kora Gov. Lee Ju-yeol. The InvestorLee also expressed concerns that the
June 22, 2016
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Green Cross Labcell, ST Pharm to go public
[THE INVESTOR] Korean pharma companies Green Cross Labcell and ST Pharm will list on the secondary bourse KOSDAQ on June 23, the Korea Exchange announced on June 22. Green Cross Labcell, a Green Cross affiliate that develops drugs for incurable diseases, posted 34.5 billion won (US $29.8 million) in sales and operating profit of 2.3 billion won last year. The initial public offering is priced at 18,500 won. ST Pharm, launched in 2008, recorded 138 billion won in sales and 25.2 billion won in ope
June 22, 2016