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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From fake prostitution ring to nonexistent robber, prank calls hamper police
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Analysts see merger as key to Samsung C&T’s future
Following is the third in a four-part series featuring the battle between Samsung C&T and Elliott Associates over the Korean builder’s merger with Cheil Industries and its implications. ― Ed.By Bae Hyun-jungLocal securities companies gave a positive assessment of Samsung Group’s plan to merge two of its pillar affiliates ― construction and trading arm Samsung C&T and the de facto holding company Cheil Industries.Shareholders of Samsung C&T are scheduled to meet Friday to cast their final votes o
July 15, 2015
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Hyundai Heavy, Ulsan open innovation center
Hyundai Heavy Industries and the Ulsan Metropolitan Government on Wednesday launched a Creative Economy Innovation Center to support the country’s marine, shipbuilding and medical services industries. “Through the cooperation of the world’s leading shipbuilder HHI and local scholars, researchers and businessmen, I am very confident that the center will lead Ulsan and Korea’s manufacturing industry. The government will also put all our efforts in opening that road,” said President Park Geun-hye a
July 15, 2015
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FKI urges inter-Korean business liaison offices
The Federation of Korean Industries, South Korea‘s major business lobby group, proposed Wednesday a new set of principles for inter-Korean business exchange, calling for a paradigm shift toward a mutually beneficial economic relationship. “A new economy-centered paradigm should be developed in which both Seoul and Pyongyang could gain mutual interests, and it’s time to go beyond the conventional paradigm of ‘support and pressure,’” Park Chan-ho, a senior executive of the FKI said during a semina
IndustryJuly 15, 2015
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Korean mobile carriers to take 5G initiative at MWC Shanghai
South Korea’s three largest mobile carriers -- SK Telecom, KT and LG Uplus -- will prove their technical prowess at the Mobile World Congress Shanghai 2015, a mobile trade show that kicked off in the Chinese city Wednesday.With aims to take the initiative for the next-generation 5G network industry, top executives of the mobile carriers also had planned to meet up with global partners for future collaboration during the three-day event. SKT, which has the largest subscriber base for its mobile s
TechnologyJuly 15, 2015
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[Herald Interview] Chinese mobile security firm sets sights on global market
China’s No. 1 mobile antivirus application developer 360 Security Group has been ramping up its marketing efforts in earnest in South Korea, which the company said would serve as a test for businesses in other Asian markets. The 360 Security Group launched the antivirus and memory boosting application, dubbed 360 Security, in 2013 and the mobile app has garnered worldwide popularity with the number of downloads on Google’s app market crossing 200 million, including 5 million in South Korea, so f
TechnologyJuly 15, 2015
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GS chairman accentuates choice and concentration
GS Group chairman Huh Chang-soo emphasized Wednesday that the conglomerate must look ahead and choose to concentrate on their core abilities instead of trying to do everything well.“We cannot achieve greatness if we cannot look far ahead,” he said, quoting the late independence fighter Ahn Jung-geun under the Japanese colonial rule of the Korean Peninsula. “We must realistically analyze our abilities and discern between areas to concentrate and areas to reduce or get rid of,” chairman Huh said d
IndustryJuly 15, 2015
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Kia’s new K5 boasts sporty design, dynamism
Kia Motors launched the second generation of the K5, its best-selling mid-size sedan, in Seoul on Wednesday, five years after K5’s debut in 2010. “The all-new K5 returns with advanced product quality and driving performance, while maintaining the innovative design identity of the first generation,” Kia Motors CEO Park Han-woo said in a press conference at the Coex exhibition hall in southern Seoul. Models pose next to the all-new K5 sedans at a press conference in Seoul on Wednesday. Kia M
BusinessJuly 15, 2015
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Samsung CEOs confident ahead of merger vote
Samsung Group’s top executives on Wednesday expressed confidence in winning the upcoming crucial vote on the merger deal between Samsung C&T and Cheil Industries. “We are confident about the merger approval. We want to win big,” said Samsung C&T co-CEO Kim Shin before attending a weekly executive meeting of Samsung affiliates at the group’s Seoul headquarters. “There are also several foreign shareholders who support the deal. We are making all-out efforts to attract favorable votes.”Cheil Indust
IndustryJuly 15, 2015
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POSCO chairman sharpens reform, antigraft drive
POSCO has announced a set of reform measures as the steelmaker struggles to reorganize its business structure and rebrand an image tarnished by an alleged graft scandal.The proposed plans, dubbed “Innovative POSCO 2.0,” include revamping business portfolios, disclosing the names of those behind major investment and mergers and acquisitions decisions for higher responsibility and enhancing personnel management transparency.“I sincerely apologize to our investors for having caused concerns,” POSCO
IndustryJuly 15, 2015
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[Graphic News] Iran nuclear resolution to boost Korean exports
As economic sanctions are expected to be lifted as a result of the settlement of the Iranian nuclear issue, Korean industries anticipate their overseas business will be revitalized.According to the Korean International Trade Association, South Korea-Iran trade reached its peak in 2011 as Korea exported $6.1 billion to Iran and imported $11.4 billion.However, the trade volume has halved since the economic sanction led by the United States was launched.But as the U.S.-Iran relationship warms and t
IndustryJuly 15, 2015
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Daewoo Shipbuilding dips to 7-year low on loss woes
Major shipbuilder Daewoo Shipbuilding & Marine Engineering Co. plunged to a near seven-year low Wednesday afternoon on concerns it may have to book a cumulative loss of some 2 trillion won ($1.76 billion) on its balance sheet.Stocks of Daewoo Shipbuilding were trading at 8,750 won on the Seoul bourse as of 1:21 p.m., down 3,750 won, or 30 percent, from the previous session's close.The stock plunge came as the Chosun Ilbo, citing unnamed sources, reported that the shipbuilder has not booked the e
IndustryJuly 15, 2015
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Elliott urges C&T shareholders to vote against merger
U.S. hedge fund Elliot Associates made its last pitch to shareholders of Samsung C&T Corp. on Wednesday to vote against the firm's merger with another key unit of Samsung Group, South Korea's top conglomerate.The call came two days before Samsung C&T shareholders are slated to meet to cast ballots on a takeover offer by Cheil Industries Inc., the de facto holding firm of South Korea's top conglomerate.Elliott, the third-largest shareholder of Samsung C&T with a 7.12 percent stake, has been seeki
IndustryJuly 15, 2015
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S. Korea's major shipbuilders to share patents for eco-ship project
South Korea's three major shipbuilders will provide publicized patents to their smaller local counterparts to help them build eco-friendly ships, Cheong Wa Dae said Wednesday.The three shipbuilders are Hyundai Heavy Industries Co., the world's largest shipyard; Daewoo Shipbuilding & Marine Engineering Co., the world's second-biggest shipyard; and Samsung Heavy Industries Co., a shipbuilding unit of Samsung Group, South Korea's largest conglomerate.The three shipbuilders will open about 2,500 pat
IndustryJuly 15, 2015
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Kia Motors aims to sell 46,000 units of new K5 this year
Kia Motors Corp., South Korea's second-largest carmaker, said Wednesday that it aims to sell 46,000 units of the newly-launched K5 midsize sedan this year.The all-new K5, which was officially launched in a media showcase held on Wednesday, will also be sold in global markets including the U.S. within this year, the automaker said.Since June 22 when it was first unveiled, Kia Motors has received around 8,500 preorders for the K5.The latest version is the second generation of the midsize sedan whi
MobilityJuly 15, 2015
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Hwang Woo-suk in fresh controversy over mammoth cloning
Disgraced South Korean researcher Hwang Woo-suk is in a legal battle over the rights to a technique critical to his attempts to clone mammoths, it was revealed Wednesday. Doctor Hwang Woo-suk oversees a cloning procedure on a dog in November, 2014 at Sooam Biotech Research Foundation in Seoul. Park Hyun-koo/The Korea HeraldAccording to reports, Hwang filed a criminal complaint accusing prominent researchers including Park Se-pil of Jeju National University, accusing them of embezzlement and atte
TechnologyJuly 15, 2015
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Parliament asked to OK extra budget in original form
South Korea's top economic policymaker asked lawmakers to approve an extra budget plan in its original form to make funds available to reduce the fallout from the Middle East Respiratory Syndrome outbreak and revive the country's growth momentum.Last week, the government submitted the 11.8 trillion-won($10.3 billion) supplementary budget to the National Assembly for approval as part of efforts to revitalize the economy struggling with slumping exports and anemic domestic demand.Speaking at the N
July 15, 2015
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Seoul shares open higher on Iran deal
South Korean shares got off to a strong start Wednesday, buoyed by positive investor sentiment from the conclusion of a historic deal on Iran's nuclear program, analysts said. The benchmark Korea Composite Stock Price Index gained 14.44 points, or 0.7 percent, to 2,073.67 in the first 15 minutes of trading.Construction shares rallied on rising hope that local builders could clinch large-scale construction deals in Iran once the Middle Eastern country expands infrastructure investment. Hyundai En
July 15, 2015
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Hana Financial set to begin merger process in earnest next week
Hana Financial Group Inc., South Korea's third-largest banking group by assets, is rolling up its sleeves to begin the process of merging its two flagship banks in earnest next week, a company official said Wednesday.Hana Financial has tried to merge Hana Bank and the Korea Exchange Bank since it acquired the KEB from U.S. buyout fund Lone Star in 2012. Its efforts have dragged on for years as the KEB had strongly opposed the merger until recently, citing its earlier promise to remain independen
CompaniesJuly 15, 2015
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Booming housing market boosts home interior-related stocks
Shares of construction parts and home interior-related companies have sharply surged this year on rising hope that the rebounding real estate market would boost needs for house renovation and remodeling, data showed Wednesday. The latest rally comes as the government has eased rules for mortgage lending and reconstruction of old apartments to shore up the tepid real estate market. About 420,000 new apartments are expected to be sold this year, the highest level since 2000 and a 28 percent on-yea
July 15, 2015
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S. Korea logs trade surplus for 41st month in June
South Korea posted a trade surplus for the 41st month in a row in June as imports dropped at a much faster pace than exports, customs data showed Wednesday.According to the data by the Korea Customs Service, the country's trade surplus reached US$9.97 billion last month, up significantly from $6.26 billion in May and higher than $5.35 billion a year earlier.Exports contracted 2.4 percent on-year to $46.67 billion in June, while imports nosedived 13.6 percent to $36.69 billion. In June 2014, expo
July 15, 2015