Most Popular
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Korea’s homegrown nanosatellite successfully launches into space
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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[Herald Interview] 'Amid aging population, Korea to invite more young professionals from overseas'
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Nicaragua shuts down Seoul embassy
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Hybe's multilabel system tested amid conflict with Ador
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Rocket engine expert, ex-NASA exec to lead Korea's new space agency
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SNU profs to suspend treatment for one day
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SK hynix pledges W20tr to ramp up DRAM production at home
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Over-50s, men, single-person households take up majority of those filing for bankruptcy
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Pianist Cho Seong-Jin named Berlin Philharmonic's artist-in-residence
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Cigarette tax revenue jumps on new price policy
South Korea's cigarette tax revenue jumped in the first six months of 2015 from a year earlier on the back of the country's new tax policy that began as of January, data showed Sunday.The Ministry of Strategy and Finance said it has raked in 4.3 trillion won ($3.8 billion) from cigarette sales, up 36 percent from the 3.16 trillion won posted a year earlier.The increase is significant as the sales of cigarettes in contrast fell 28.3 percent over the cited period to 1.46 billion packets. The gover
July 12, 2015
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Samsung striving to win more pro-merger shareholders ahead of crucial showdown
With a crucial shareholder meeting for a proposed merger with its sister firm a week away, Samsung C&T Corp., Samsung Group's construction and trading arm, is ratcheting up its efforts to win more pro-merger shareholders, particularly minority stakeholders, industry sources said Saturday.Although the country's state pension fund, the National Pension Service, has decided to back the high-profile merger between Samsung C&T with Cheil Industries Inc., the group's de facto holding firm., it is stil
IndustryJuly 11, 2015
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Seoul shares expected to remain volatile next week
South Korean stocks will likely experience fluctuations next week on lingering concerns about Greek debts talks and the choppy Chinese market with bleak second-quarter earnings outlooks, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,031.17 on Friday, down 3.48 percent from a week earlier due mainly to downbeat news from Greece and China.The index plunged 2.4 percent on Monday, the largest fall in three years, after more than 60 percent of Greek voters rejected
July 11, 2015
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Pension fund decides on Samsung merger
South Korea's national pension fund operator on Friday decided its official stance on a merger between key subsidiaries of Samsung Group, the country's leading family-controlled conglomerate, but won't disclose what the stance is for the time being, officials said.But sources say that the operator decided to support the merger considering its potential influence on the fund's earning rates.The National Pension Service decided on whether to support or oppose the merger between Samsung C&T Corp. a
IndustryJuly 10, 2015
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KEPCO installs energy storage system for frequency regulation
Korea Electric Power Corp., the nation’s sole power distributor, said Friday it had installed the country’s first energy storage system for power system frequency regulation at the West-Ansung substation in Gyeonggi Province. With the installment of ESS for frequency regulation, KEPCO said it would be able not only to reduce power purchasing costs, but also to lay the foundations for the development of related industries.Starting with the 28 megawatt ESS in the West-Ansung sub-station, KEPCO wil
IndustryJuly 10, 2015
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HDC Shilla, Hanwha win duty-free bids
HDC Shilla Duty Free Shop and Hanwha Galleria Time World ended victorious in the fierce battle to win business licenses to run large-scale duty-free shops in downtown Seoul. From left: The headquarter buildings of Hyundai Development Co., Hotel Shilla and Hanwha (Yonhap)With their hard-won golden ticket, the two retail giants expect to boost their yearly sales by trillions of won. In 2014, duty-free stores in Seoul posted combined sales of 4.4 trillion won ($3.9 billion), which accounted for mor
July 10, 2015
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[Newsmaker] Samsung pushes to win over foreign investors
Samsung C&T, the construction and trading arm of Samsung Group, on Friday unveiled detailed new shareholder-friendly policies, including the establishment of a special committee of six experts that will oversee shareholders’ rights, as part of last-minute efforts to win a vote of shareholders on July 17 over the proposed merger with Cheil Industries. Samsung C&T CEO Choi Chi-hun (Yonhap)The committee will be composed of three outside directors and three experts. One of the three outside director
BusinessJuly 10, 2015
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LG Electronics holds first CSR conference in China
LG Electronics on Thursday held a meeting of advisers on corporate social responsibility in Beijing as part of the Korean tech giant’s renewed commitment to more socially responsible activities at its overseas operations. The company has held the CSR meeting in Korea and the U.S. since 2010. The Chinese event was first of its kind, the company said. Representatives of local civic and academic groups, including Chinese Academy of Social Sciences, attended the first Beijing meeting to discuss LG’s
TechnologyJuly 10, 2015
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Elliott urges NPS to oppose Samsung merger
U.S. hedge fund Elliot Associates called on South Korea's national pension fund operator Friday to support its opposition to a proposed merger between two key subsidiaries of Samsung Group, the country's leading family-controlled conglomerate. The call came as shareholders of Samsung C&T, a construction and trade arm of Samsung Group, are slated to meet a week later to vote on the proposed merger with Cheil Industries Inc., Samsung's de facto holding company. The National Pension Service (NP
IndustryJuly 10, 2015
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[Photo News] Porsche's variants to luxury sedan
Porsche Korea on Friday debuts three variants to its full-size luxury sedan Panamera series -- the Panamera Edition, the Panamera 4 Edition, and the Panamera Diesel Edition. The basic price of the new models starts from 117,900,000 won ($104,500). Porsche Korea
MobilityJuly 10, 2015
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Seoul shares up on eased Greek, Chinese woes
South Korean stocks closed 0.17 percent up as eased Greek and Chinese fears encouraged investors to buy oversold shares, analysts said. The local currency gained ground against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 3.36 points to close at 2,031.17. Trading volume was moderate at 369.5 million shares worth 6.52 trillion won (US$5.77 billion), with winners beating decliners 484 to 318. "The (South Korean) market has experienced wide fluctuations in pric
July 10, 2015
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Korea to sell 4tr won in Treasury bills in July
South Korea plans to sell 4 trillion won (US$3.5 billion) worth of Treasury bills in four separate auctions in July, the finance ministry said Friday. "The funds generated will be used to cover temporary shortfalls in the money supply and allow the government to push forward various spending projects," the ministry said. "The cash generated can further help stabilize the management of state-controlled funds." The amount to be issued is smaller than the 4.5 trillion won worth of bills sold th
July 10, 2015
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Google, Apple raise app prices 10% on new tax rule
Prices for smartphone applications sold in South Korea through Google and Apple platforms rose 10 percent starting this month, industry sources said Friday, as the government started imposing taxes on overseas-based open markets. According to the sources, U.S. tech giants Google Inc. and Apple Inc. rolled out new price policies earlier this month and notified application developers of such changes. Google's price hike came into effect on July 1, while Apple increased prices on Thursday. Th
IndustryJuly 10, 2015
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Tonymoly makes strong debut on Seoul bourse
South Korean cosmetic maker Tonymoly made a strong debut on the Seoul bourse Friday as it seeks to tap deeper into China for new growth beyond the saturated domestic beauty market. Its shares opened at 64,000 won (US$56.57), double the initial public offering (IPO) price of 32,000 won, on the main KOSPI market. They were trading at 67,900 won as of 9:15 a.m., up 6.09 percent from the opening price. Buoyed by a strong rally of cosmetic shares earlier this year, its listing has drawn keen a
IndustryJuly 10, 2015
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Seoul shares open higher on Greek, Chinese hopes
South Korean shares started slightly higher as Greece offered a new bailout proposal and China's stock market rebounded, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) gained1.19 points, or 0.06 percent, to 2,029 in the first 15 minutes of trading. The Greece government has submitted a plan for pension reform and tax hikes in return for additional bailout programs, while Chinese financial authorities have released a set of market-stabilizing measures to end the rout o
July 10, 2015
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Korea's import prices continue to fall in June
Import prices in South Korea declined in June, extending their on-year fall to 34 straight months, due mainly to weaker global oil prices, data showed Friday. In local currency terms, import prices dropped 14 percent in June from the previous year, slightly slowing from a 14.6 percent on-year drop in May, according to the preliminary data from the Bank of Korea. The data showed that import prices of coal and oil products plunged 33.4 percent on-year in June, compared with a 31.7 percent fall
July 10, 2015
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Hyundai, Kia see China sales plunge in June
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their combined sales in China plunge in June amid intensifying competition and a lack of new models, industry data showed Friday. Hyundai Motor, South Korea's largest carmaker, sold around 60,000 cars in China last month, down 30.8 percent from a year earlier. Kia Motors saw its China sales in June drop 26.5 percent on-year to some 38,000 units, according to the data. This comes in stark contrast with others, including Japanese
IndustryJuly 10, 2015
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IMF cuts 2015 global growth forecast to 3.3%
The International Monetary Fund lowered its global growth forecast for 2015 to 3.3 percentThursday, citing weaker than expected economic gains in the United States and North America.The latest estimate is down from 3.5 percent growth predicted by the Washington-based fund in April. It is also below the 3.4 percent growth reached last year, a sign of challenges weighingdown the worldwide economy.The World Economic Outlook Update report showed consumer prices among advanced economies standing at z
July 9, 2015
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[Photo News] FSS meets foreign firms
Zhin Woong-seob (fourth from right), governor of the Financial Supervisory Service, speaks Thursday in a regular breakfast meeting with 22 foreign financial firms operating in Korea. At the meeting, the governor urged the CEOs to take more proactive measures to reduce customer complaints and also promised to achieve an improved supervisory environment for domestic and foreign firms. (FSS)
July 9, 2015
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OB joins Mongolia forestry efforts
Korean beer company takes initiative in preventing desertification in key export countryULAAN BATOR -- Landlocked between Russia and China, Mongolia is a country of plains, horse riding and nomadic heritage. This homeland of Genghis Khan also happens to be the largest importer of Cass, the signature product of South Korea’s largest beer manufacturer Oriental Brewery Company.As part of its effort to integrate more closely into the local community, OB decided to pitch into a key Mongolian issue --
July 9, 2015