Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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S. Korea votes in favor of Palestinian bid for UN membership
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Bae Doo-na shares portraying Korean identity in Hollywood's 'Rebel Moon'
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[Graphic News] Korea sees current account surplus for 40th consecutive month
South Korea posted a surplus in its current account for the 40th consecutive month, data from the Bank of Korea showed Monday.The surplus was estimated at $12.9 billion in June, a 41.5 percent increase from the previous month.In the first half of 2015, the surplus was the highest recorded for the January-June period, at $52.3 billion.Experts, however, noted that the recent current account surplus is due to a higher rate of decline in imports as compared to exports.
Aug. 4, 2015
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Hyundai Oilbank promotes shared growth
SHARED GROWTH -- Seosan City mayor Lee Wan-seop (fourth from left) and Hyundai Oilbank staffers release a total of 150,000 baby rockfish into the sea near Samgilpo Port in South Chungcheong Province in the refiner’s effort to support the local fisheries industry. (Hyundai Oilbank)
Aug. 4, 2015
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KEPCO shares hit record high
Korea Electric Power Corp., the largest state-owned utility company, became the nation’s second-biggest company after Samsung Electronics in terms of market capitalization Monday, as its shares hit a record high of 52,200 won ($45). KEPCO’s share price rose four consecutive trading days, lifting the company’s market value to 33.1 trillion won. Hyundai Motor fell one notch to third place on the same day as its shares fell 1.5 percent to 91,400 won. The market value of the nation’s largest automak
Aug. 3, 2015
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Shipbuilders face sweeping overhaul
The country’s top three shipyards are readying for restructuring as they deal with a collective second-quarter operating loss of 4.7 trillion won ($4 billion), battered by ailing offshore businesses.The financially distressed players ― Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering ― are expected to step up slimming efforts in the second half of the year, including merging divisions, offloading noncore assets and suspending investment in new proje
Aug. 3, 2015
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Lotte chairman strives to soothe citizens over feud
Lotte Group chairman Shin Dong-bin on Monday met with group founder and general chairman Shin Kyuk-ho at Lotte Hotel in Seoul, fueling speculation that the “rebellious second son” is determined to mend ties with the infuriated father and placate the growing public anger about the irregular family feud at a major conglomerate.“The meeting was on friendly terms, with a smile on the face and ice-breaking conversations about Dong-bin’s business trip,” a source said explaining the dramatic encounter
Aug. 3, 2015
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Pyeongtaek Port to expand trade role amid China FTA
The nation’s fourth largest harbor, Pyeongtaek Port, is eyeing a bigger role in trade between South Korea and China following the official signing of a free trade agreement between the nations in June, an official from the Gyeonggi Pyeongtaek Port Corp. said Monday. Kim Jeong-hun, director of Gyeonggi Pyeongtaek Port Corp.“Following the FTA between Korea and China, Pyeongtaek Port’s role will be strengthened as it is the nearest port to China and a gateway to the central region of Korea,” said K
Aug. 3, 2015
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BAT Korea launches premium Dunhill
Dunhill Fine Cut Master. (BAT Korea)British American Tobacco Korea announced the world premiere of “Dunhill Fine Cut Master” in Korea on Monday, introducing the premium version of BAT’s superslim flagship “Dunhill Fine Cut.” The premium Dunhill contains over 40 percent “Z grade leaves,” which refers to the tobacco maker’s highest quality tobacco leaves. Z grade leaves are harvested and handpicked from five countries -- Brazil, Greece, Turkey, the United States and Zimbabwe -- where the growing
Aug. 3, 2015
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Korean pharmaceutical companies lag in research
South Korean pharmaceutical companies were found to be lagging behind in new product development, as global pharma firms have filed around three times more patents over the past four years, industry data showed Monday.Of the 1,754 patents filed in Korea since official monitoring began in March 2012, 1,310 were by international pharmaceutical companies whereas only 444 came from local firms, according to B2Pharm’s Green List Alert service, which publishes weekly reports on patent registrations an
Aug. 3, 2015
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Lotte heir vows all-out efforts to end family feud
Shin Dong-bin, the younger son and heir apparent of Lotte Group founder Shin Kyuk-ho, pledged Monday to do his best to resolve a bitter family conflict over control of the retail empire whose business spans from amusement parks and hotels to department stores in South Korea and Japan."This crisis should be swiftly resolved and normalized," Dong-bin told reporters after arriving in Seoul from Tokyo, pledging to do his best to contribute to South Korea's economic development.Dong-bin returned to S
Aug. 3, 2015
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CJ CGV aims to create over 1,000 ScreenX screens by 2020
South Korea's food and entertainment conglomerate CJ Group is aiming to create more than 1,000 "ScreenX" screens worldwide by 2020, a top company official said Monday."We're going to make this year the starting year for ScreenX to rise as a key platform of movies," Choi Byung-hwan, head of the CJ 4DPLEX Co., told reporters in the company's Los Angeles office."Setting this year as an inflection point, we plan to apply the ScreenX system to more than 1,000 screens around the world by 2020."The Scr
Aug. 3, 2015
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Lotte Group sons’ battle turns nasty
The spat between the two sons of Lotte Group founder and general chairman Shin Kyuk-ho is taking a nasty turn ahead of the coming shareholders meeting to decide his successor.Shin Dong-joo, the first son, stepped up his offensive against his rival and younger brother Shin Dong-bin on Sunday, expressing confidence in winning the vote.Dong-joo is a former vice chairman of Lotte Holdings, the de facto control tower of the Lotte empire in Korea and Japan, while Dong-bin is currently chairman of Seo
Aug. 2, 2015
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S. Korean shipbuilders seek restructuring amid heavy losses
South Korea's top three shipbuilders are pushing to step up restructuring efforts in the second half of 2015 as they posted record losses earlier this year, industry sources said Sunday. The outlook came as the shipbuilders -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., and Samsung Heavy Industries Co. -- posted a combined operating loss of 4.7 trillion won ($4 billion) in the first half of 2015. Daewoo Shipbuilding, which posted an operating loss of 3.03 trilli
Aug. 2, 2015
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Hanwha Group vows to expand employment
Hanwha Group, South Korea's 10th largest conglomerate, said Sunday it will sharply increase the number of recruits over the next three years to join government efforts to tackle the nation's high youth unemployment. The group said it plans to hire more than 5,700 workers in the second half of this year, up 35 percent from its earlier plan and more than double the number of recruits employed in the first half. Hanwha also said it will push to employ a total of more than 17,000 new workers by 20
Aug. 2, 2015
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[Weekender] Seoul becomes hotbed for luxury watchmakers
South Korea has become a hotbed for luxury watchmakers from around the world, thanks to more people choosing timepieces to express their fashion, identity and, moreover, their wealth. Global powerhouses such as Bulgari, Piaget, Chaumet, Chanel, Cartier and Rolex have been joined by lesser-known but more exotic competitors, such as Patek Phillippe, Breguet, Jaeger-LeCoultre, Vacheron Constantin, IWC, Chopard and many more, creating one of the most dynamic destination for luxury and watch-enthusia
July 31, 2015
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Lotte family rivals flock before vote showdown
Friendly powers of Lotte Group founder Shin Kyuk-ho are flocking together to secure their collective influential stake under the second-generation leadership of the 90 trillion won ($77 billion) business empire. The founder’s recently ousted eldest son Shin Dong-joo appealed to his relatives and the public in South Korea, while his younger brother -- Lotte chairman Shin Dong-bin -- has been persuading Japanese investors for support at the yet-to-be scheduled Lotte Holding’s shareholders meeting.
July 31, 2015
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[Weekender] High-end watchmaker Piaget sticks to prestige, tradition
As smartwatches make headlines with their futuristic features, traditional watchmaking powerhouses such as TAG Heuer, Swatch and other Swiss-based watchmakers are jumping on to the digital bandwagon to attract customers. But Piaget, the 145-year-old Swiss watchmaker, is not intimidated by the hype over smartwatches. Piaget Korea general manager Sarah Jung said in an interview with The Korea Herald that the watchmakers’ prestige and prowess dating over a century goes beyond functionality.“We are
July 31, 2015
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Uniqlo features new 15 F/W Jeans collection
Global apparel company Uniqlo has launched its 2015 fall/winter jeans collection, featuring a range of newly upgraded products.This year’s F/W collection includes Uniqlo’s flagship jean products as well as the Stretch Selvedge Skinny Fit Jean, being sold only in South Korea and the United States, alongside many new products designed in line with changing trends.The Uniqlo Stretch Jean, a steady seller among women, offers wearers a slick silhouette and comfort. The ankle-length Ultra Stretch Ankl
July 31, 2015
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GS Caltex receives first UAE crude delivery
UAE CRUDE IN YEOSU -- Officials celebrate the first 500,000 barrels of murban crude delivery from UAE’s oil fields to GS Caltex’s Yeosu plant in South Jeolla Province on Friday. Participants in the import ceremony included GS Caltex president Kim Byong-yol (left), GS Energy vice chairman and CEO Rha Wan-bae (second from left) and second-Vice Minister of Trade, Industry and Energy Moon Jae-do (third from left). (GS Energy)
July 31, 2015
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Merged SK Holdings to debut Aug. 1
SK Group said Friday that its new holding firm -- formed via the merger of SK Holdings and IT unit SK C&C -- will officially begin operations Saturday.The newly-launched SK Holdings, whose combined assets are estimated at 13.2 trillion won ($11.3 billion) with a workforce of 4,100, plans to function under a “one-entity but two-track” system, said a group spokesman.The original SK Holdings president and CEO Cho Dae-sik and SK C&C CEO Park Jung-ho will respectively head the merged firm’s two busin
July 31, 2015
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Korean firms win $5.3b order for Mideast’s largest refinery
South Korean builders said Friday that they won deals worth $5.3 billion to build an oil refinery in Kuwait even as the construction industry is struggling with a sharp drop in orders from the Middle East this year.The project, worth $14 billion in total, is to build the biggest refinery in the Middle East, which will boost its oil refining output capacity of 615,000 barrels per day in the region of Al Zour, south Kuwait. Of the five packages split from the main project, four were awarded to con
July 31, 2015