Most Popular
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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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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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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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More med professors to take day off each week while govt. urges them to stay
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South Korea to launch space security center under spy agency
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Corporate tax increase sparks debate
Korea’s corporate tax revenue is projected to surpass the government-set target of 46 trillion won ($40.2 billion) this year, breaking a previous record of 45.9 trillion won reached in 2012, according to tax authorities here. Taxes collected from companies decreased to 43.9 trillion won in 2013 and 42.7 trillion won in 2014 before rising back to 45 trillion won last year.This projected increase in corporate tax revenue comes as local companies have seen their operating profits improving due to s
April 13, 2016
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[Newsmaker] Abusive moguls face growing public pressure
Business tycoons will soon come under closer watch, as political parties and civic groups are seeking to strengthen monitoring and regulation of their behavior. The move comes amid mounting public criticism toward conglomerate leaders, following a recent series of alleged assault and abuse cases. Nonprofit organization Public Welfare Committee recently set up a call center to monitor abusive remarks or acts by owner family members, CEOs or executives in workplaces.“We wanted to get to the botto
IndustryApril 13, 2016
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‘Half of Korean biotech, pharma firms make no sales’
Around half of South Korean biotechnology or biopharmaceutical companies currently do not generate any sales, according to a recent report by the Korea Industrial Technology Association. Of some 226 local bio companies surveyed by KOITA, 45.6 percent do not generate any sales today. Among those which do, 18.7 percent said that they began generating sales less than a year ago. A majority of Korean bio firms surveyed were found to be small or midsized as well. Around 66.4 percent of the surveyed c
IndustryApril 13, 2016
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‘Imitation spurs innovation’
In the ever-evolving technology industry, companies build on each other’s ideas and continue to reinvent themselves. But tech giants Samsung and Apple are trying to slow each other down in a drawn-out patent battle.The U.S. Supreme Court has recently decided to review the high-profile courtroom fight between the two top smartphone makers, the first time it has looked at a design patent case since the 1800s. The rare decision comes after Samsung filed a request with the top court last year to ree
TechnologyApril 13, 2016
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Hanjin speeds up leadership succession
Hanjin Group, the parent company of the nation’s largest air carrier Korean Air, appears to be speeding up a generational shift in its leadership by appointing the chairman’s only son as the new chief of the group’s budget flight operator.Jin Air, a low-cost carrier owned by Korean Air, said Tuesday afternoon that it has named Cho Won-tae, son of the group’s chief Cho Yang-ho as its new president. Cho will jointly manage Jin Air with Choi Jung-ho, the incumbent CEO of the air carrier, who will m
IndustryApril 13, 2016
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Korean automobile exports down 10.8% in Q1
Korea’s automobile exports dropped 10.8 percent in the first quarter from a year earlier due to weak demand from emerging countries, according to data and market analysts Wednesday.The Korea Automobile Manufacturers’ Association said in its report that Korean automakers sold 654,494 units abroad from January to March. They sold 733,759 units during the same period last year. GM Korea cars are lined up ready to be shipped to overseas markets. (Yonhap)Industry watchers attributed the decline to th
IndustryApril 13, 2016
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[Exclusive] Samsung’s Enbrel biosimilar wins supply deal in Denmark
Samsung Bioepis’ Enbrel biosimilar won a supply deal from Denmark’s drug procurement agency Amgros on Tuesday, becoming the priority etanercept drug used for treating rheumatoid arthritis in the country, an industry source told The Korea Herald on condition of anonymity. Benepali, Samsung’s biosimilar version of Amgen’s top-selling Enbrel, is expected to take away at least 50 percent of the original drug’s market share in Denmark, as local hospitals and doctors favor prescribing drugs selected b
IndustryApril 13, 2016
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SK hynix’s operating profit likely to plunge in Q1
SK hynix, the world’s third-largest chipmaker by sales, is expected to see its operating profit more than halve during the first three months of this year, according to analyst reports Wednesday.Korean investment firms predicted that the Korean chip company’s first quarter operating profit would be in a range of 512 billion won ($446 million) to 579 billion won. SK hynix’s NAND Flash memory chip. (SK hynix)The estimates are up to 60 percent lower than the company’s operating profit in the first
TechnologyApril 13, 2016
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Samsung steps up self-driving car technology push
Tech giant Samsung Electronics has been accelerating its push into the autonomous vehicle segment by trying to attract seasoned researchers in the field.The company posted a job opening for researchers in the autonomous driving vehicle sector on Samsung Group’s online job bulletin board Tuesday. Internet giant Google’s self-driving vehicle. (Yonhap)The job description showed that new researchers would handle tasks including computer vision, biosignal analysis, and optical film for display, which
TechnologyApril 13, 2016
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N. Korea-China trade volume up 12.7% on-year in Q1
Trade volume between North Korea and China posted double-digit growth in the first quarter of 2016 from a year earlier despite the United Nations' punitive economic sanctions imposed on the reclusive country, official data showed Wednesday.(Yonhap)The size of bilateral trade stood at 7.79 billion yuan ($1.2 billion) in the January-March period, up 12.7 percent from the same period last year, Huang Songping, spokesman of China's General Administration of Customs, said during a press briefing on t
April 13, 2016
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[Market Now] Dasan Networks acquires Zhone Technologies
Dasan NetworksDasan Networks said that it will acquire Zhone Technologies through share swaps by June this year.Dasan is a KOSDAQ-listed telecommunications equipment maker, while Zhone is a NASDAQ-listed telecommunications equipment maker. Under the deal, Dasan Networks will acquire new shares of Zhone, or a 58 percent stake, for 89 billion won ($78 million). Zhone will merge with Dasan Networks’ U.S. subsidiary Dasan Network Solutions, and own a 42 percent stake in Dasan’s U.S. company, accordi
April 13, 2016
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IKEA disciplined to revise refund terms
(Yonhap)South Korea's antitrust watchdog said Wednesday that it has recommended global furniture giant IKEA revise its terms regarding refunds for canceled deliveries.IKEA, which opened its first store in southern Seoul in 2014, is running a delivery service for South Korean customers who are familiar with free packaging and door-to-door delivery.The service costs between 19,000 won and 159,000 won depending on the distance from its store in Gwangmyeong to the destination.IKEA has never refunded
IndustryApril 13, 2016
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SC Bank Korea's high-interest savings products draw interest
Standard Chartered Bank Korea’s savings products are getting renewed interest from savers seeking higher return on their money in this era of abysmal interest rates. The U.K. banking group’s Korean unit offers up to 3.1 percent of interest on holders of its My Wallet Account, whereas similar savings account products offered by local peers carry interest of around 2 percent. SC Bank Korea CEO Park Jong-bokThe applicable rate varies, depending on deposit balance and whether predefined conditions a
April 13, 2016
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Korea’s fundamentals remain strong: finance minister
Finance Minister Yoo Il-ho said that South Korea’s national debt in proportion to its gross domestic product is relatively low compared with other major economies. Finance Minister Yoo Il-ho (Yonhap)Its largest trading partner China, which is undergoing structural changes to focus on spurring domestic consumption rather than exports, will have a positive effect on Asia’s fourth-largest economy. Korea’s benchmark interest rate of 1.5 percent is also higher than most other economies, he noted.“Ko
April 13, 2016
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Korea's ICT exports drop for 7th consecutive month in March
South Korea's exports of information communication technology (ICT) products fell for the seventh consecutive month in March as weak global demand and a Chinese slowdown weighed heavily on the country's key industries, government data showed Wednesday.Outbound shipments of ICT products reached $13.97 billion last month, down 5 percent from $14.7 billion tallied a year before, according to the data compiled by the Ministry of Trade, Industry and Energy. (Yonhap)ICT exports extended their losing s
April 13, 2016
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Exports of industrial parts, materials sink in Q1
South Korea's exports of industrial parts and materials fell for the fourth straight quarter in the first quarter of this year amid weak global demand and low oil prices, the trade ministry said Wednesday.Outbound shipments of industrial parts and materials fell 10.7 percent on-year to $59.4 billion in the January-March period, accounting for 51.2 percent of the country's overall exports, according to the Ministry of Trade, Industry and Energy.The first-quarter figure marked the fourth consecuti
April 13, 2016
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[Photo News] LG Signature Experience Zone
LG SIGNATURE EXPERIENCE ZONE – LG Electronics said Wednesday it plans to increase the number of experience zones for its new premium appliance brand LG Signature to some 160 nationwide by the end of this year. LG Electronics
TechnologyApril 13, 2016
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Korean economy to expand 3% in 2016: finance minister
South Korea's finance minister said Wednesday the country's economy is expected to grow 3 percent on-year in 2016, adding it boasts enough capabilities to cope with short-term uncertainties."South Korea is able to post 3 percent level growth as the government is rolling out measures to vitalize investment and exports, as well as structural innovations," Finance Minister Yoo Il-ho said. The South Korean government currently aims to post an on-year growth of 3.1 percent.The International Monetary
April 13, 2016
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Korean watchdog clears Oracle of bundling sales
South Korea's antitrust watchdog said Wednesday that it has cleared U.S. tech giant Oracle Corp. of unfair trading practices related to bundling its new softwares with maintenance services.Oracle has been under the Fair Trade Commission (FTC) investigation as the company sold its latest database management system (DBMS) with repair patches to deal with possible bugs and receive major upgrades. Its customers were not given the choice to switch to other companies' maintenance systems.The so-calle
IndustryApril 13, 2016
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KB to buy Hyundai Securities stake for W1.25tr
KB Financial Group is buying 22.6 percent of Hyundai Securities for 1.25 trillion won ($1.09 billion), nearly four times the stake’s current market value.In a regulatory filing in Seoul on late Tuesday afternoon, KB said it will buy a 22.56 percent stake, or some 53 million shares, in Hyundai Group’s securities arm from Hyundai Merchant Marine and other shareholders. The stock transfer is due to take place May 31.KB is to start due diligence on the brokerage, which ranks fourth in the industry w
April 13, 2016