Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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[Herald Interview] Guggenheim Museum makes a push for technology-based art with LG
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Tensions heighten ahead of first president-opposition chief meeting
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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New chief named to anti-corruption body
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[Music in drama] An ode to childhood trauma
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KEB Hana, Woori chosen as won clearing house in China
The Bank of Korea said Tuesday that it has appointed branches of KEB Hana Bank and Woori Bank in Shanghai, China, as clearing houses for won-yuan direct trading when the market opens. The envisioned currency market in Shanghai, scheduled to launch within the first half of this year, is Korea’s maiden step to allow offshore trading of its currency. China is Korea’s biggest trading partner, accounting for some 25 percent of its exports. Hana Financial Group (Yonhap)In Seoul, the won-yuan market op
April 12, 2016
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Franchise coffee shops hit by cheap coffee amid economic slowdown
Major franchise coffee shops in Korea saw their revenue fall in 2015 in the face of tougher competition with cheap take-out coffee amid economic slowdown, heading to another tough year, data showed Tuesday.Homegrown coffee brands have sprung up in Asia's fourth-largest economy over the past decade to capitalize on the growing population of coffee drinkers, but their growth has slowed recently in the saturated domestic market. Adding to their woes, low-cost coffees at convenience stores and mini
IndustryApril 12, 2016
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Mutual growth through partnership between public and private sectors
With a sluggish economy and growing tension on the Korean Peninsula, the beleaguered government is desperately trying to seek a “breakthrough.” We cannot smoothly exit the current situation without taking any initiatives, just as we had surmounted past trials. For instance, construction and engineering companies have been suffering dues to losses from overseas projects and decreasing market share due to the curtailed or suspended number of oil and gas projects after the oil price drop in recent
IndustryApril 12, 2016
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[Market Now] Hong Kong’s Seven Star Works to issue new shares
Seven Star Works, a KOSDAQ-listed broadcasting equipment maker, said that it will issue new shares worth about 8 billion won ($7 million) to four individuals and an investment fund.The company, whose majority shareholder is Hong Kong-based Sun Seven Stars Hong Kong Cultural Development, plans to issue 606,057 new shares at 13,200 won per share. Acquirers of Seven Star Works’ new shares are required to hold onto the shares for at least a year.Seven Star Works said in its disclosure report that th
April 12, 2016
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[Market Now] Lotte Capital extends loans to Lotte Chilsung’s BaekHak
BaekHak Beverage, a privately held bottle water company of Lotte Chilsung Beverage, said that it has borrowed 13 billion won ($11.3 million) from Lotte Capital.With an annual interest rate of 3 percent, the loan is due in April 2017. BaekHak said in a regulatory filing that the inter-affiliate loan is an extension of its previous loan from Lotte Capital.Lotte Chilsung Beverage, a soda giant of Lotte Group, has an 86.06 percent in BaekHak, while the Military Mutual Aid Association, a pension for
April 12, 2016
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[Market Now] Dong-Ah Geological secures orders for Samsung C&T’s subway construction
Dong-Ah Geological Engineering, a listed tunnel construction company, has secured a contract to provide tunnel excavation services to Samsung C&T for the construction of the third phase of Seoul Subway Line No. 9.Dong-Ah will be using its shield tunnel boring machine method for the No. 9 subway tunnel construction under the contract worth about 10.7 billion won ($9.35 million), or about 4 percent of the company’s sales, according to a regulatory filing. The company is obligated to carry out the
April 12, 2016
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Kakao to raise 250 bil. won in convertible bonds
Korea’s messaging app operator Kakao Corp. said it will raise 250 billion won ($219 million) in convertible bonds in a bid to pay back bridge loans taken earlier this year to fund an acquisition.In a public filing Monday, Kakao said the convertible bonds will come with a zero percent coupon rate maturing on April 14, 2021. The conversion price is set at 120,014 won per share and the conversion can be requested from April 14, 2017 to March 14, 2021, the company said.Earlier this month, Kakao borr
April 12, 2016
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Seoul markets to close on election day
Korea’s stock, bonds and foreign currency markets will be closed on Wednesday, as the nation goes to polls to elect members of the parliament. Korea Exchange said the one-day closure affects all the exchanges it operates in Seoul, including those for stocks, bonds, exchange-traded funds, foreign exchanges-linked derivatives and commodities like petroleum, gold and emissions. Clearing of over-the-counter derivatives will also halt for the day. The markets will resume Thursday. By Lee Sun-young (m
April 12, 2016
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[Market Now] Dongbu Securities acquires Hyundai Card bonds
Hyundai Card said Tuesday that Dongbu Securities acquired all of its bonds worth 40 billion won ($34.9 million).The credit card joint venture of Hyundai Motor, Korea’s largest automaker, and GE Capital will use the proceeds to finance its operations, according to a regulatory filing. Dongbu Securities (Yonhap)Hyundai and Kia Motors have a combined 48 percent stake in Hyundai Card, while IGE USA Investments, an affiliate of GE Capital, has a 43 percent stake.With an annual interest rate of 2 perc
April 12, 2016
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[Market Now] Hyundai Wia raises W130b in bond issues
Hyundai Wia, a listed auto parts-maker of Hyundai Motor, said Tuesday that it has issued bonds worth 130 billion won ($114 million) in total to refinance its debt and pay for materials supplied from its partners.Korea Investment & Securities, KTB Investment, HMC Investment, Shinhan Investment and Hana Financial Investment acquired Hyundai Wia’s AA-graded bonds worth 100 billion won with a maturity period of April, 2021. Hyundai Wia said in its regulatory filing that it will use the proceeds of 1
April 12, 2016
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[Market Now] NH Investment issues bonds to finance operations
NH Investment & Securities has issued bonds worth 350 billion won ($306 million) to finance its operations, according to a regulatory filing.Hana Financial Investment, Shinyoung Securities and HI Investment & Securities were among institutional investors that acquired NH bonds graded AA-plus. The maturity period of the bonds is in April 2019, with annual interest rate of 1.84 percent.NongHyup Financial Group has a 49 percent stake in NH Investment, which is the country’s second biggest brokerage
April 12, 2016
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South Korea‘s export prices slip in March
South Korea’s export prices slipped from a month earlier in March due to a strengthening local currency against the U.S. dollar, central bank data showed Tuesday.The export price index stood at 80.72 last month, down 1.5 percent from a revised 81.96 in the previous month, according to preliminary data from the Bank of Korea.From a year earlier, the March reading marked a 4.5 percent decline. It was also a turnaround from an on-month gain in February. The central bank attributed the decline to a
April 12, 2016
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Seoul shares open higher despite losses in New York
South Korean share prices opened higher Tuesday despite some overnight losses in New York.The benchmark KOSPI rose 5.71 points, or 0.29 percent, to 1,976.08 in the first 15 minutes of trading. Traders monitor South Korea share prices at a local bank. (Yonhap)Market blue chips such as Samsung Electronics, Hyundai Motor and POSCO were trading higher in the early morning session. Overnight on Wall Street, the Dow Jones industrial average fell 20.55 points, or 0.12 percent, to 17,556.41 after U.S. c
April 12, 2016
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Major Korean firms suffer drop in sales and market cap
Major South Korean firms are facing a sales drop and the subsequent growth slowdown, while their foreign rivals are continuously expanding their presence, a report showed Tuesday.According to the Korea Economic Research Institute, 14 South Korean firms that were included in the world's top 1,000 companies in terms of market capitalization as of end-March saw their sales grow 1.12 percent in 2015, sharply decelerating from a 6.18 percent gain in 2014, an 8.48 percent rise in 2013 and a 5.75 perce
April 12, 2016
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[Newsmaker] Hyundai close to 100m sales landmark
April will be a landmark month for the global success of Hyundai Motor Group as its cumulative global sales is poised to surpass 100 million units. The Korean automotive giant said Monday that the combined global sales of its two automakers -- Hyundai Motor and Kia Motors -- reached 99.7 million units in March, and is expected to cross the 100-million mark this month. “Few automakers in the world have achieved such a sales record in the global market,’’ said Kim Pil-soo, an automotive engineerin
MobilityApril 11, 2016
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[Graphic News] VR headset market will be led by Oculus, HTC, and Sony
The “big three” of the world’s virtual reality sector -- Oculus, HTC, and Sony -- will go head-to-head this year, according to market research firm Strategic Analytics.Worldwide sales of virtual reality headsets are expected to stand at $895 billion this year, of which the three VR firms will account for 77 percent. The report did not give details on the market share of each firm. The research firm, however, anticipated that the three brands will only make up 13 percent of the global shipment vo
TechnologyApril 11, 2016
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[Photo News] CJ chairman meets with Heilongjiang secretary
CJ MEETS WITH HEILONGJIANG -- CJ Group chairman Sohn Kyung-shik (left) and Wang Xiankui, secretary of China’s Heilongjiang province, meet at the CJ E&M headquarters in northwestern Seoul on Monday to discuss ways to expand their collaborative partnership in the realms of business and culture. CJ currently operates an animal feed factory boasting annual output of 70,000 tons and three CGV movie theaters in Heilongjiang province. (CJ Group)
IndustryApril 11, 2016
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LG Electronics sees nearly 70% surge in profit in Q1
Tech giant LG Electronics’ operating profit surged nearly 70 percent in the January-March period, according to its earnings guidance released Monday. The company said it posted 505 billion won ($441 million) in operating profit and 13. 4 trillion won in revenue, up 65.5 percent and down 4.5 percent, respectively, compared to the same period last year. LG Electronics CEO Jo Seong-jin attends a press conference in Seoul in March. (Yonhap)The operating profit beat previous market estimates in a ran
TechnologyApril 11, 2016
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Analysts upbeat on CGV’s China business
Outlook for CJ CGV, South Korea’s multiplex giant, remains upbeat with a larger contribution from overseas units to offset a local slump, securities firms said Monday.The cinema chain’s consolidated first-quarter operating profit will come to 17.5 billion won ($15.3 million), up 21 percent from a year earlier while its sales will increase 14 percent year-on-year to 292.7 billion won, Hyundai Investment & Securities analyst Lim Min-kyu projected.He attributed the growth to its Chinese subsidiary
April 11, 2016
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GM Korea posts record net loss in 2015
GM Korea, the Korean unit of General Motors, posted a record net loss of 986.8 billion won ($861.2 million) in 2015, the worst business performance since its launch in 2002 here, according to industry sources Monday. The net loss is 2.8 times higher than that of 2014. GM Korea cars wait to be loaded for shipment to overseas market in Korea. (Yonhap)It also registered 594.4 billion won in operating loss on annual revenue of 11.94 trillion won last year, four times more than that of 2014.“The pull
MobilityApril 11, 2016