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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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Pandemic left Korea more depressed than before: report
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Merger to cement Samsung heir’s control
Shareholders’ approval of the merger between Samsung C&T and Cheil Industries has paved the way for the creation of a global all-around construction, trade, fashion, chemical, leisure and biopharmaceutical juggernaut posting 60 trillion won ($59 billion) in sales by 2020. C&T president and co-CEO Choi Chi-hun said Friday that the merged company would see a rise of about 1 trillion won in sales in the construction sector, a 2.9 trillion won jump in the trade and retail sector, a 2 trillion won ri
IndustryJuly 17, 2015
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Samsung merger approved
Shareholders of Samsung C&T approved an $8 billion merger deal with its sister company Cheil Industries Friday, a move expected to help Samsung heir apparent Lee Jay-yong tighten his grip on Samsung Group. “With the approval, Cheil Industries and Samsung C&T gained a new drive for growth. We will reciprocate to expectations by maximizing synergy, which will be created by combining the two firms’ capabilities and enhancing the value of the merged company,” CEOs from the two firms said in a joint
IndustryJuly 17, 2015
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Samsung merger approved
Shareholders of Samsung C&T on Friday voted for the company’s merger with Cheil Industries, forecasting the establishment of a 60 trillion won ($59 billion) global enterprise by 2020.Samsung C&T is a construction-trade arm of Samsung Group while Cheil is the chemical, fashion and leisure fraction of Samsung. Cheil will acquire Samsung C&T by offering 0.35 new share in the new company for each share of C&T. However, the new company will be named Samsung C&T Corporation to “inherit Samsung’s found
IndustryJuly 17, 2015
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Cheil Industries shareholders OK merger with Samsung C&T
Shareholders of Cheil Industries Inc. voted for a proposed merger with its sister company Samsung C&T Corp. on Friday, a move aimed at clearing the way for a once-in-a-generation leadership transfer at South Korea's top conglomerate.In a unanimous vote, shareholders of the de facto holding company of Samsung Group gave the go-ahead for the 8.9 trillion-won ($ 7.9 billion) all-stock deal to take over Samsung C&T, the construction unit of the group. Samsung C&T also began its shareholder meeting a
IndustryJuly 17, 2015
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Samsung C&T starts crucial shareholder meeting on merger
Samsung C&T Corp. began an emergency shareholder meeting Friday to vote on a proposed merger with another key unit of Samsung Group, a move seen as aiming to smoothen a leadership change in South Korea's richest family.The two Samsung units announced the plan for a merger on May 26, claiming the proposed all-stock deal worth 8.9 trillion won ($7.8 billion) will create synergy for the new entity. (Yonhap)Earlier in the day, shareholders of Cheil Industries unanimously approved the merger plan. Th
IndustryJuly 17, 2015
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Preorders for GM Korea's Spark city car top 3,300 units
Preorders for GM Korea Co.'s latest version of the Spark city car have topped 3,000 in less than three weeks since its media showcase, industry data showed Friday.On July 1, GM Korea, the local unit of U.S. carmaker General Motors Co., held a media event where it showcased the next-generation Spark and started to receive preorders. It plans to launch official sales in August. During the past weeks, the preorder contracts reached around 3,300, which represented a daily average of over 300 units b
MobilityJuly 17, 2015
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KOSDAQ firm joins consortium to takeover Pantech
SEOUL (Yonhap) -- Solid Inc., a South Korean telecom device firm listed on the tech-heavy KOSDAQ market, joined the local consortium that is in talks to acquire Pantech Co., industry sources said Thursday, casting a brighter outlook on the revival of the cash-strapped smartphone maker.The move came after a Seoul court approved the takeover plan proposed by South Korean optical manufacturer Optis Co. to acquire Pantech.Industry watchers said the Optis-led consortium may clinch an official deal wi
IndustryJuly 16, 2015
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Lotte Group chairman elected to head Lotte Japan
Lotte Group chairman Shin Dong-bin was named as the CEO of Japan-based Lotte Holdings at a regular board meeting Wednesday, the group announced Thursday. Shin was elected by the board as the new CEO of Lotte Holdings by a unanimous vote, according to group officials. The decision effectively positions the group chairman as the heir to Lotte Group founder and general chairman Shin Kyuk-ho. Shin Dong-bin (Yonhap)Since Lotte Holdings is the de facto holding company of Lotte Japan, Shin’s new positi
IndustryJuly 16, 2015
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Korea Investment mulls acquisition of KDB Daewoo
Korea Investment & Securities Co. is considering acquiring KDB Daewoo Securities, the nation’s second-largest brokerage by capital, industry sources said Thursday. The firm is weighing the bidding conditions and profitability of the acquisition, but has yet to declare participation in the bidding. Both Korea Investment & Securities and Daewoo Securities are among the top three brokerages by turnover. If Korea Investment & Securities’ acquires KDB Daewoo, which has 4.2 trillion won ($3.7 billion)
July 16, 2015
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Tension rises ahead of vote on Samsung merger
Samsung C&T shareholders will go to the polls Friday to decide whether to approve a high-profile merger with Cheil Industries, the de facto holding company of Samsung Group. Tension is running high, as neither of the two sides -- Samsung’s controlling family or opponent U.S. hedge fund Elliott -- has yet emerged as a clear winner. But analysts said Friday’s vote will be remembered as one of the most critical moments in Korea’s corporate history, in that minority shareholders can swing the vote
BusinessJuly 16, 2015
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How robotic surgery can contribute to women’s health
The idea of undergoing a surgical procedure for the first time can be overwhelming for many, especially for those who are afraid of surgical scars and post-surgery pain, which are very often unavoidable. According to Dr. Moon Hye-sung, who is the current head of the Robotic Surgery Center at Ewha Womans University Mokdong Hospital, the fear of pain and scars is especially common among women who are required to undergo a laparotomy -- a procedure involving a large incision through one’s abdomen -
TechnologyJuly 16, 2015
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Daewoo SME set for restructuring amid big losses
Daewoo Shipbuilding & Marine Engineering Co. is set to face financial restructuring as the world’s second-largest shipbuilder is projected to book massive losses in the second quarter of this year.After a local newspaper reported Wednesday that the South Korean shipbuilder may have booked as much as 2 trillion won ($1.8 billion) to 3 trillion won in unreported losses, stemming from its low-margin offshore project orders, the company’s shares plunged by the maximum 30 percent to reach a seven-yea
IndustryJuly 16, 2015
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Etude House introduces ‘Bling me Prism’
Makeup brand Etude House launched the “Bling me Prism” collection, a collaboration line with fashion jewelry brand High Cheeks. The Bling Me Prism collection includes five kinds of watery eye shadow, five liquid lipsticks, five kinds of nail polish, a henna sticker and a single powder eye shadow. The watery eye shadow contains 50 percent water, bringing a cooling effect to the eyelids. The lipstick with ample pigments brings moist but vivid color and texture to the lips, the company said. All it
IndustryJuly 16, 2015
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Shinhan awarded for private banking
Shinhan Bank, the flagship bank of the nation’s largest banking unit Shinhan Financial Group, was named the best private banking service operator in South Korea. Shinhan Bank vice president Lim Young-jin (second from left) receives The Asian Banker Awards 2015 for best private banking on behalf of the bank. Shinhan BankThe bank’s private wealth management sector received the Asian Banker’s Excellence in Retail Financial Services Award 2015 for best private banking, officials said Thursday.The As
July 16, 2015
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Stone Beer debuts in Korea
Stone Beer, a world-famous craft beer brand imported straight from San Diego, has debuted in Korea, InterBeer Korea, its exclusive Korean distributor, said in a press release Thursday.The newly imported beers are the Stone Indian pale ale (IPA), Stone Ruination, Stone Go To IPA, Cali-Belgique IPA, Stone Pale Ale 2.0 and Arrogant Bastard Ale. These beers come with their own “Enjoy by” dates in order to assure the best taste of 90 days from brewing, compared to the conventional 12 months. The beer
IndustryJuly 16, 2015
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Caffe Bene opens in Indonesia
Korean cafe brand Caffe Bene opened its fourth Indonesian outlet inside the AEON Mall of Tangerang City. The 280-square-meter store can seat 108 people and is located near Swiss German University and Prasetiya Mulya Business School, as well as Indonesia Convention Exhibition halls, the company said.Following the local trend of providing meal and desserts at cafes, Caffe Bene serves not only Italian pastas, but also Korean-infused menu items such as Kimchi Aglio Olio pasta and tteokbboki (red pep
IndustryJuly 16, 2015
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Cheil Industries launches accessory brands
Cheil Industries launched two accessory brands, Ravenova and Ilmo, to keep up with the growing fashion markets. Ravenova’s signature item is the “module bag,” which allows consumers to design their own bags based on 50 different modules provided by the brand. The modules are priced between 60,000 won ($52) and 190,000 won for a clutch, and a full bag costs between 300,000 won and 500,000 won. Ilmo is a leather accessory brand for men and women. About 80 percent of the items, ranging from bags an
IndustryJuly 16, 2015
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Starbucks launches ‘Dan. Baek. Jil’
Starbucks Korea launched “Dan. Baek. Jil,” meaning protein in Korean, a snack pack that covers 33 percent of recommended daily protein intake. With a pack of a half-boiled egg, soft tofu and string cheese, one can consume 55 grams of protein, the coffee franchise said. Starbucks will give away a cup of “Today’s coffee” to those who buy one of the 4,900 won ($4.30) packs of “Dan. Baek. Jil” by July 27. It is also introducing its half-dried sweet potato, sliced into the bite-sized shapes and price
IndustryJuly 16, 2015
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[Photo News] Ferrari releases 488 Gran Turisom Berlinetta
FERRARI 488 GTB -- Dieter Knechtel, managing director of Ferrari Far East, poses with the Ferrari 488 Gran Turisom Berlinetta, a sports car with an eight-cylinder mid-rear engine that boasts 670 horsepower at 8,000 rpm. Forty years after the launch of the 308 GTB, the Ferrari 488 GTB reaches 100 km/h speed from 0 in three seconds and requires only 117 meters to make a complete stop from 200 km/h speed. (FMK)
MobilityJuly 16, 2015
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[Herald Interview] Organica Day to focus on vegetable detox juice
Just when many Koreans started drinking detox juice and began to realize it’s edible, Organica Day, Herald Corp.’s juice-squeezing arm, decided to take it a step further and focus on vegetables by reducing the amount of fruit in its products. “I am a little concerned about the sugar intake through fruit, even if it is fructose,” said Chung Hyung-ho, CEO of Organica Day, the producer of Just Juice Cleanse. “I believe that vegetables are much better options for health. Our chef, New York-based Chr
IndustryJuly 16, 2015