Most Popular
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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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Naver’s Line ownership in jeopardy as Japan ups pressure
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South Korea to launch space security center under spy agency
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More med professors to take day off each week while govt. urges them to stay
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Hybe refutes Ador CEO Min's denial of breach of trust
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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[Weekender] How DDP emerged as an icon of Seoul
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Today’s K-pop] NewJeans' single teasers release amid intrigue
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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
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IMF slashes Korea’s growth outlook to 2.7%
The International Monetary Fund said Tuesday that Korea’s economic growth in 2016 would be 0.2 percentage point lower than it had previously forecast, as waning global trade continues to drag down the export-driven economy. It now expects Korea’s economy to expand 2.7 percent this year, down from 2.9 percent projected in January and 3.2 percent in October last year. The revised outlook is lower than the Korean government’s prediction of 3.1 percent and Bank of Korea’s forecast of 3 percent, but
April 13, 2016
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Dior sparks outrage over photo for 'demeaning Korean women'
An artwork displayed by French luxury house Dior at its flagship store in Seoul has sparked public outrage, fueled by claims that it portrays Korean women as materialistic and morally loose.The controversial piece -- artist Lee Wan’s “Korean Woman” -- depicts a young woman with a pink Lady Dior bag standing in a backstreet of an unidentified adult entertainment district filled with signs advertising “room salons,” or hostess bars.The contrasting image of the Korean woman with Dior’s signature ba
IndustryApril 12, 2016
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Tax revenue grows on rising income, consumption
Korea’s tax revenue grew significantly from a year earlier in the first two months of the year, partly due to an increase in income and consumer spending, a government report showed Tuesday.National tax revenue came to some 42.7 trillion won ($37.2 billion) in the January-February period, up 10.9 trillion won from the same period last year, according to the monthly financial report published by the Ministry of Strategy and Finance.The two-month tally represents 19.1 percent of the government’s a
April 12, 2016
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Nongshim Japan’s sales rise 22.6% in Q1
South Korea’s largest food manufacturer Nongshim on Tuesday said its Japanese affiliate rose 22.6 percent on-year to reach $9 million in the first quarter, buoyed by its enhanced marketing efforts.It marks the biggest on-year sales hike ever recorded among Nongshim’s overseas branches as well as the largest sales volume logged by Nongshim since business began declining in 2012, the firm said.Nongshim’s “Shin Ramyun Kitchen Car” (Nongshim)“Since first exporting (its flagship spicy ramen) Shin Ram
IndustryApril 12, 2016
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[Super Rich] Unlisted affiliate may be key to CJ power transfer
Succession at Korean family-controlled conglomerates -- notorious for their complicated cross-shareholdings among affiliates -- tends to result in a tragicomedy drama, especially when there are many offspring involved. However, the result could play out differently in food and entertainment giant CJ Group. Since it officially split from Samsung Group in 1997, the group has established a simple holding company structure governed by group chairman Lee Jay-hyun, the eldest grandson of late Samsung
BusinessApril 12, 2016
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Volkswagen urged to disclose code of engine control units
Law firm Barun urged Volkswagen Korea to disclose the source code of engine control units in its cars Tuesday, claiming that its recall plan has problems.On behalf of 4,338 customers who bought Volkswagen cars, the local law firm is currently leading a class-action suit against the German carmaker involved in an emissions manipulation scandal. Local law firm Barun lawyer Ha Jong-sun speaks during the press conference. (Barun)Speaking at a news conference in Seoul, Barun lawyer Ha Jong-sun said t
MobilityApril 12, 2016
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SK Planet to challenge mobile shopping operators
SK Planet, operator of a major online open market 11ST, said Tuesday it would start selling selective products directly to customers, seeking to expand its presence in the online retail market dominated by supermarket chains and mobile shopping operators.11ST is an online platform where companies and customers freely trade products and change prices. But the company plans to present 600 daily items such as instant noodles, cooked rice, bottled water and detergents at discounted prices, challengi
IndustryApril 12, 2016
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Korean shares up 0.6% bucking Wall Street losses
Korean shares climbed 0.56 percent Tuesday, boosted by gains in major industries, despite the overnight slide on Wall Street. The local currency also rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 10.95 points to 1,981.32. Trade volume stood at 372 million shares worth 3.8 trillion won ($3.3 billion), with gainers outnumbering losers 445 to 367. KOSPI (Bloomberg)Tech firms traded mixed, with top market player Samsung Electronics adding 0.71 percent to
April 12, 2016
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[Market Now] National Pension Service increases stake in POSCO
POSCO said Tuesday that its biggest shareholder -- the National Pension Service -- has increased its ownership in the steel giant, from 10.04 percent to 10.22 percent.In 2015, the NPS, the country’s pension manager, owned a 9.04 percent stake in POSCO, according to an audit filing.By Park Hyong-ki (hkp@heraldcorp.com)
April 12, 2016
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SK has most companies in offshore tax havens
SK Group, the nation’s third-largest conglomerate, has the most offshore companies in tax havens, according to market data Tuesday. According to local business tracker Chaebul.com, SK operates 69 paper companies in the havens, the highest number among the nation’s top 61 conglomerates, followed by Lotte with 38 companies, Samsung with 20 and CJ with 12, as of 2014. By country, 32 of SK Group’s companies are located in Hong Kong, 32 on the Cayman Islands, three in Panama, one on the Virgin Island
IndustryApril 12, 2016
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Korean firms' sales growth fall sharply in recent years
Sixteen Korean companies made it on the list of the world’s top 1,000 companies by market capitalization as of the end of March this year, led by Samsung Electronics in No. 28 spot, data showed Tuesday. Samsung, which is by far Korea’s largest public company with a market value of 214.2 trillion won ($187 billion), climbed 17 notches in the global ranking from its 2010 standing, while cosmetics-maker Amore Pacific made an impressive debut at No. 571. The list is compiled by Seoul-based Korea Eco
April 12, 2016
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Coffee franchises battle competition, slowing economy
Major coffee franchise operators in South Korea experienced sharp drops in profits last year in the face of intensifying competition from low-cost coffee vendors and the continued economic downturn.Coffee Bean & Tea Leaf, a U.S. franchise run by Seoul-based Mirae Asset Private Equity Fund, saw its net income decline by 67.4 percent on-year to 2.54 billion won ($2.22 million) in 2015, its regulatory filing showed. Its sales dropped by 5.1 percent on-year to 138.9 billion won in 2015, while its op
IndustryApril 12, 2016
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[Market Now] Korea to see biggest IPOs this year: KRX
The Korean stock market will see its biggest initial public offerings this year, with net stock floatations to exceed the previous record of 8.7 trillion won ($7.6 billion) in 2010.In a meeting with corporate executives in Seoul on Tuesday, Choi Kyung-soo, chairman and CEO of the Korea Exchange, said that about 20 companies are expected to launch IPOs in the Korean stock market.Local companies planning stock offerings include Hotel Lotte and Doosan Bobcat, he noted.Last year, 16 companies listed
April 12, 2016